The retailer is understood to have held talks with rivals Aldi and Trader Joe’s about selling Fresh & Easy, however a break-up of the business is considered the most likely option.
Tesco, the world’s third-largest retailer, opened Fresh & Easy in 2007 but it has been dogged by the financial crisis and criticism over its offering.
Mr Clarke effectively put the business up for sale in December when he initiated a strategic review of Fresh & Easy and hired Greenhill to advise Tesco.
Mr Clarke has pledged to update the market on the progress of the strategic review on April 17, when the retailer posts its full-year results.
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