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Tesco Poised to Exit U.S. After Starting Fresh & Easy Review

Tesco Plc, the U.K.’s largest grocery company, said it will likely leave the U.S. after announcing a review of its Fresh & Easy unit in the country and the departure of the unprofitable business’s head.

All options are being considered for the 199-store chain, including a sale, closure or partnership, Chief Executive Officer Philip Clarke said today on a conference call. Tesco has received approaches for the business and has hired investment bank Greenhill to assist with the review, the company said as it also reported that U.K. sales have gone back into decline.