According to reports in the Los Angeles Times and Supermarket News, the embattled Fresh & Easy retail chain is to begin closing down its network of stores in the USA.
Disclosing in a statement that the chain was undertaking “the process for an organized wind-down”, the company said that it was now looking for a buyer for some or all of its remaining 97 stores.
Commenting on the move, Fresh & Easy spokesman Brendan Wonnacott said: “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”.
Analysts have speculated whether the chain might file for bankruptcy, although the firm itself would not comment on this.
Earlier in the year, Fresh & Easy, which was acquired by Yucaipa Cos in 2013 after a bankruptcy filing by previous owner Tesco, announced plans to rationalize its store base with the closure of up to 50 stores.
Source: Los Angeles Times / Supermarket News