TORRANCE, CA—Supermarket brand Fresh & Easy is planning to close or sell its remaining 100 stores before Thanksgiving.
The Orange County Register reported today that the chain plans to liquidate all stores “with the coming weeks.” The Torrance-based chain was acquired two years ago by billionaire supermarket magnate Ron Burkle. Yucaipa Cos., a Burkle investment firm, bought most of the Fresh & Easy operations after it sought bankruptcy protection from in 2013. The chain, created by British retail giant Tesco, filed for bankruptcy protection after losing millions of dollars.
“Over the last two years, we have been working hard to build a new Fresh & Easy,” company spokesman Brendan Wonnacott, told the paper. “While we made progress on stemming our losses and moving the business closer to break even, unfortunately we have been unable to obtain financing and the liquidity necessary to continue to fund the business going forward.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
