By Jane McInnis
A U.S. private investment firm, The Yucaipa Companies, announced Tuesday that is it purchasing Fresh & Easy Neighborhood Market from the United Kingdom, owned by Tesco, the second-largest retailer in the world.
The Fresh & Easy Neighborhood Market boasts simplified, small-format shopping, which came to the U.S in 2007.
The Danville store, located at 460 Diablo Blvd., at opened in 2011.
[Related: Fresh & Easy Considers Closing Area Stores.]
According to a release, Yucaipa's purchase is expected to be complete within three months.
"The decision ... offers us an orderly and efficient exit from the US market, while protecting the jobs of more than 4,000 colleagues at Fresh & Easy," said Philip Clarke, CEO of Tesco in a press release Tuesday.
Ron Burkle, a managing partner of Yucaipa spoke about the future of the neighborhood market.
“We plan on continuing to build Fresh & Easy into a 'next-generation convenience retail experience,' providing busy consumers with more local and healthy access for their daily needs," he said.