Tesco is officially declaring its U.S. Fresh & Easy Neighborhood Market store experiment a failure.
Fresh & Easy’s United Kingdom-based parent company issued a news release April 17 detailing preliminary results for Tesco’s 2012-13 fiscal year, which ended Feb. 23.
“Based on our progress so far with our strategic review of Fresh & Easy, including the indications of interest received from third parties, we have confirmed that the outcome of the review will be an exit from the United States,” Tesco officials stated in the release. “As such, Fresh & Easy has been treated as a discontinued operation within these results.
“Whilst the process is ongoing, and as such the form and final financial impact of the exit is still to be determined, we have written down the assets of the business and booked a provision for ongoing liabilities.”
The largest British grocer, Tesco launched Fresh & Easy in 2007 and operated 200 small-format stores in California, Nevada and Arizona.