Britain’s biggest retailer, supermarket giant Tesco, said it was launching a strategic review of its struggling US business Fresh & Easy, which may lead to a sale of the business.
Tesco added in a statement on Wednesday that Fresh & Easy chief executive Tim Mason was leaving the company with immediate effect after 30 years with the British group.
“Whilst the (US) business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities,” Tesco chief executive Philip Clarke said in the statement.
“I have therefore decided to conduct a strategic review of Fresh & Easy, with all options under consideration.”
Tesco said it has received “a number of approaches” from parties interested in acquiring some or all of Fresh & Easy, or in partnering the company to develop the US business.
Clarke added: “Tim Mason, who leaves Tesco today, has played an important part in our success over a 30-year career with the company, and he leaves with my thanks and good wishes.”
Supermarket Tesco launches review of troubled US business
