Fresh & Easy Neighborhood Market Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court less than a month after being promised to Los Angeles billionaire Ron Burkle.
The grocery chain, in the process of trading hands from British supermarket giant Tesco to Burkle's Yucaipa Cos., cited debt of $500 million to $1 billion in its Monday court filing in Delaware.
The move "is simply the next step in the restructuring process" during the sale and will have "no impact" on customers' shopping experience, Fresh & Easy said in a statement.
"It's business as usual as we continue the transition to new ownership," the company said.
To read the rest of the story, please go to: Los Angeles Times
