Fresh & Easy stores in Southern California and beyond will possibly soon be closed or sold by British parent company Tesco, according to a report in the Wall Street Journal.
“Whilst the business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities. I have therefore decided to conduct a strategic review of Fresh & Easy, with all options under consideration" Tesco chief executive Philip Clarke said in a press release issued by the company.
"We’re considering all options for the business, but it’s likely that the review will lead to Tesco exiting the U.S. market," wrote Clarke in a blog post on the company website.
The decision by Tesco to depart the U.S. does not necessarily mean the closure of Fresh & Easy, though. The Tesco press release stated that "we have had a number of approaches from parties interested in acquiring either all or part of Fresh & Easy, or in partnering with us to develop the Fresh & Easy business."
According to Brendan Wonnacott, director of corporate affairs for the store, it will be "business as usual" at the store locations while the company undertakes its review.
Encino residents and workers watched the new Fresh & Easy Express location rise up on the site of the old Rite Aid store on Ventura on the corner of Haskell over the course of the summer, and it finally opened its doors in October with a grand opening event.
As well as Encino, the chain also has locations in Manhattan Beach, Hermosa Beach, Palos Verdes Estates, Long Beach, Pico-Robertson, Hollywood, Northridge, Eagle Rock, Oak Park, North Hollywood, Van Nuys, and many more.
For more Patch stories on the Encino Fresh & Easy Express store, click on the links below.
Fresh & Easy Express Opens on Ventura Boulevard
Fresh & Easy Express Hiring in Encino
Fresh & Easy Express Set to Open Oct. 24
Construction on the Old Rite Aid Site Continues