Business & Tech
Los Angeles-based Company Purchases Fresh & Easy Market
The UK-owned grocery stores will be purchased by a billion-dollar investment firm based in L.A.
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.
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"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.
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