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Los Angeles -- Grocery chain Fresh & Easy confirmed reports that its British parent Tesco LLC has sold the brand to private equity firm The Yucaipa Cos., following months of uncertainty about the 200+-unit chain’s future.
Fresh & Easy posted on its website Tuesday that more than 4,000 jobs would be saved under the purchase agreement but that some stores will be closing. Specific stores have not been identified, and the terms of the agreement weren’t disclosed.
Late last year, Tesco said it was considering pulling out of the U.S. market entirely, leading to speculation about the fate of Fresh & Easy.
The purchase by Yucaipa isn’t entirely a surprise; the Los Angeles-based firm previously acquired Food 4 Less and Ralphs before merging both into each other and selling the assets.