<p style="text-indent:0px; line-height:12px;"><span style="font-weight:bold;line-height:130%">United Kingdom</span><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">By ANUK Staff<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">04.08.13</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>The Fresh & Easy U.S. exit could cost Tesco about $382 million in cash; the equivalent of 250 million pounds.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><img src="https://cdn.andnowuknow.com/legacyWriterImages/tesco-cropped-april-8.jpg" alt="images040813" /><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">The news was revealed in a Bloomberg report on Shore Capital's estimates. According to a Telegraph report, while Tesco would face a 1 billion-pound writedown, the “greater area of interest is the cash costs from exit, given most investors will have already anticipated the paper adjustment to the asset base,” Shore Capital's analyst Clive Black wrote in a note to investors. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Chief Executive Officer for Tesco, Philip Clarke, is reviewing all options for the U.S. stores, the report states, and plans to reveal progress at the company’s results on April 17. </p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Aldi has been hinted at as one of the potential buyers, but the source notes that a closure of Fresh & Easy, followed by a piece-by-piece sale of the assets remains the most probable outcome.</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p>Since creating the business in 2007, Tesco has invested about 1 billion pounds in the U.S.</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.bloomberg.com/news/2013-04-08/tesco-u-s-exit-could-cost-382-million-in-cash-shore-estimates.html" target="_new"> Tesco</a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">
