Tesco Puts Fresh & Easy Into Bankruptcy #tesco

CSP Daily News is quoting Reuters reports that Tesco Plc put its failed U.S. small-format grocery store chain Fresh & Easy Neighborhood Markets Inc. into bankruptcy on Monday as part of a plan to sell most of the 167 stores to Yucaipa Cos., a private-equity firm led by billionaire Ron Burkle.

The reports suggests that the bankruptcy should allow the failed chain to clean up it’s imploded U.S. store portfolio and that Yucaipa will be the lead bidder at the bankruptcy auction.