<p> Fresh & Easy has announced plans to shut down some of its stores in the wake of Yucaipa’s acquisition of the business.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Ron Burkle’s investment firm, Yucaipa, has agreed to take on 150 of Tesco’s Fresh & Easy stores, along with 4,000 employees and its Riverside distribution center and production facility. Consequently, the approximate 50 remaining Fresh & Easy stores not included in the agreement will be closed. However, Fresh & Easy spokesperson Brendan Wonnacott has confirmed that the company is still seeking buyers for these remaining locations. The deal will cost Tesco £150m, including the loan and payoffs for nearly 400 permanent staff, bringing the total cost to nearly £2bn. Unfortunately, the future for a further 600 staff is unclear, with some expats likely to return to Tesco in the UK while others are part-time staff and will be let go, according to The Guardian.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> “The decision we are announcing today represents the best outcome for Tesco shareholders and Fresh & Easy’s stakeholders,” said Philip Clarke, Tesco Chief Executive Officer. “It offers us an orderly and efficient exit from the U.S. market, while protecting the jobs of more than 4,000 colleagues.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Ron Burkle commented: “Fresh & Easy is a tremendous foundation. Tesco should be applauded for giving their customers an affordable, healthy, convenient shopping experience. Its dedicated employees and great base of customers give us a solid starting point to complete Tesco’s vision with some changes that we think will make it even more relevant to today’s consumer.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Burkle also mentioned that he planned to build the Fresh & Easy chain into a “next-generation convenience retail experience.” However, The Guardian also reports that Burkle wants to use the Fresh & Easy stores to re-launch his Wild Oats brand, which he sold to rival Whole Foods Market in 2007.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Stay tuned to AndNowUKnow as we continue to follow further developments.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href=" http://www.theguardian.com/business/2013/sep/10/tesco-strikes-deal-fresh-and-easy" target="_new"> The Guardian </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
