Fresh & Easy Falls Victim To Large Chain Grocers

Posted: Oct 22 2015, 2:36pm CDT | by , in News | Latest Business News

 

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Fresh & Easy Falls Victim to Large Chain Grocers
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The iconic grocery store Fresh & Easy, which has been featured in quite a few movies, is shuttering all of the 97 remaining stores in California, Nevada, and Arizona. The grocer, which is headed in Torrance, California, announced they will lay off all 3,000 employees, according to the Daily News. Fresh & Easy made a big splash in 2007, backed by British supermarket giant Tesco, which saw an opportunity to enter the U.S. market.

"Over the last two years, we have been working hard to build a new Fresh & Easy," the company said in a statement. "While we made progress on stemming our losses and moving the business closer to break even, unfortunately, we have been unable to obtain financing and the liquidity necessary to fund the business going forward."

This comes after the company closed 50 stores in March in hopes to trim the fat of the company. However, they still faced problems from bigger companies that had more food to offer and more options in general. The aim was to make it a family friendly store that cost less than the average supermarket. However, the prevalence of the stores in health conscious California caused some problems.

The store was famed for their small form and quick service, making it popular amongst busy workers and families who could grab dinner or lunch quickly.

California-based The Yucaipa Cos. bought the chain out of bankruptcy in 2013. The first layoffs are expected a week from Friday, the newspaper said.

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<a href="/latest_stories/all/all/46" rel="author">Noel Diem</a>
Noel passion is to write about geek culture.

 

 

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