Tesco finds buyer for 150 of its US stores

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Associated Press

Posted on September 10, 2013 at 12:02 PM

Updated Tuesday, Sep 10 at 12:02 PM

LONDON (AP) — Tesco, Britain's largest retailer by sales, has agreed to sell 150 of its lossmaking Fresh & Easy stores in the United States to a U.S. investment firm.

The company said Tuesday that the deal with Yucaipa Companies does not include 50 further stores, which will be closed in the coming weeks.

Nonetheless, Tesco chief executive Philip Clarke said more than 4,000 jobs will be protected by the sale.

Tesco said in April it planned to sell its U.S. stores, which were based in Arizona, California and Nevada. At the time, the company said its U.S. foray had lost it some 1.2 billion pounds ($1.8 billion).

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