Closing Time at Fresh & EasyDaniel Paredesbyline‚ Dec. 12‚ 2012
After spending more than $1.6 billion, Tesco, the world’s third- largest food retailer, has finally thrown in the towel and announced the closure of its Fresh & Easy stores. This move brings closure to the British company’s effort to establish a foothold in California’s highly competitive grocery industry. Many analysts believe this decision has been a long time coming, with Fresh & Easy stores never seeing the kind of market penetration that the U.K.-based giant expected from the chain. Investors cheered the December 5 announcement, but U.S. workers have reason to celebrate too — this marks the end of a five-year struggle with Tesco.