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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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Kroger names new divisional president
Steve McKinney was named president of Kroger’s Fry’s Food Stores division in Arizona to succeed Jon Flora who passed away unexpectedly two weeks ago.
McKinney, 57, had previously served as vp of operations at Kroger’s Ralph’s division in California since 2007. The Fry’s division operates 119 stores in Arizona.