Tesco is set to dispose of its loss-making U.S. operation to billionaire Ron Burkle's Yucaipa investment company, marking the end of its failed attempt to crack the American market, a source close to the deal said.
The world's third largest retailer said it would exit its loss-making Fresh & Easy business in April, booking restructuring and other one-off costs of 1 billion pounds ($1.6 billion).
Earlier on Tuesday the Financial Times, citing people familiar with the matter, said it was thought that Yucaipa would acquire the majority of nearly 200 Fresh & Easy stores, as well as its food production and distribution centre.
The FT said an announcement was expected imminently.
The world's third largest retailer said it would exit its loss-making Fresh & Easy business in April, booking restructuring and other one-off costs of 1 billion pounds ($1.6 billion).
Earlier on Tuesday the Financial Times, citing people familiar with the matter, said it was thought that Yucaipa would acquire the majority of nearly 200 Fresh & Easy stores, as well as its food production and distribution centre.
The FT said an announcement was expected imminently.
