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Tesco’s Fresh & Easy declares bankruptcy to ease sale to Burkle
New York -- Tesco Plc’s Fresh & Easy chain filed for Chapter 11 bankruptcy as part of a plan to sell most of the U.S. chain’s 167 stores to a private equity firm led by billionaire Ron Burkle.
Fresh & Easy cited debt between $500 million and $1 billion in a court filing on Monday in U.S. Bankruptcy Court in Wilmington, Del. According to the documents, a unit of Tesco will end up with a 22.5% stake in the Yucaipa affiliate that acquires the supermarket chain.
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Single Touch reports accelerated mobile messaging volume growth
Single Touch Systems, a technology based mobile media solutions provider, has announced that its mobile messaging volume, which is a key business metric that drives revenues, has been growing at an increasingly accelerated pace.
Single Touch generates a portion of its operating business revenues by sending SMS text messages including reminder messages to customers of some of the largest retailers in the U.S. and U.K. Each message sent generates incremental revenues for Single Touch.