Headlines

Fresh & Easy Placed in Bankruptcy

Filing eases path to Yucaipa Cos. takeover of 150 locations

Published

11 years ago

October 2, 2013

steve kaufman

Tesco Plc (Cheshunt, U.K.) put its U.S. grocery chain Fresh & Easy Neighborhood Market Inc. into bankruptcy, part of a plan to sell most of the 167 stores to a private equity firm led by billionaire Ron Burkle.

Under the proposed sale, an affiliate of Tesco will lend Burkle's private equity firm Yucaipa Cos. (Yucaipa, Calif.) $120 million to help fund the takeover of the chain.

Yucaipa anticipates acquiring and operating 150 stores. The rest will be closed, or sold to another buyer.

The bankruptcy filing will allow Fresh & Easy to reject or renegotiate leases that are no longer economical.

Tesco first announced the deal with Burkle’s company a month ago.

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