The Fresh & Easy chain has been put up for sale, as U.K. retail powerhouse Tesco admitted defeat in its attempt to take on established supermarkets in the United States.
Tesco launched Fresh & Easy in California in 2007, hoping its chain of smaller stores would draw customers away from large Wal-Mart or Safeway supermarkets.
But Tesco underestimated the reluctance of shoppers to change their buying habits, and has been forced to retreat after five years of losses and a total investment of about $1.6 billion.
Fresh & Easy CEO Tim Mason, who has been with Tesco for 30 years, will leave the company.
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