Tesco is reportedly set to agree a deal to sell the bulk of its Fresh & Easy operations in the US to Yucaipa, the investment vehicle of billionaire Ron Burkle.

A report in The Financial Times said today (10 September) Yucaipa will acquire most of Fresh & Easy’s stores, plus the retailer’s manufacturing and distribution centre. An announcement is expected “imminently”, the FT said.

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In June, Bloomberg had reported the two sides were in talks. It said Burkle, founder and managing partner of Yucaipa, wanted to rebrand the Fresh & Easy outlets under the Wild Oats banner,

The FT last month claimed the discussions had stalled.

Officials at Tesco and Fresh & Easy had not returned a request for comment at the time of writing.

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