Tesco has announced the sale of its Fresh and Easy chain in the US.
The British supermarket has struggled to make the most of the North American market in recent years, with unexpected consumer behaviour and a competitive field making profits difficult to come-by for the grocer.
But now, as part of a restructuring process, Yucaipa - a subsidiary of a holdings company - will take over more than 150 stores and a number of distribution and production facilities as Tesco looks to leave the US market.
As part of the deal, Yucaipa will be given an £80 million loan from Tesco, which will be secured against the Riverside Campus facility.
Philip Clarke, chief executive of Tesco, said: "[This deal] offers us an orderly and efficient exit from the US market, while protecting the jobs of more than 4,000 colleagues at Fresh and Easy."
The move is part of the supermarket's plans to focus on the redistribution of capital towards domestic and emerging markets, such as China and Brazil.
Tesco sells US supermarket chain
Thu, 12 Sep 2013
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