Tesco Plans to Exit U.S. Fresh & Easy Chain: Hot Trends (Corrected)
Editor's Note: This piece has been updated from December 12, 2012, to correct the ticker for Tesco Plc (TSCDY), which was misidentified as TESO, an unrelated company.
NEW YORK (TheStreet) -- Popular searches on the Internet include Tesco (TESO) after the retailer announced it will most likely exit its U.S. grocery chain Fresh & Easy.
Tesco, the biggest retailer in Britain and the third-largest in the world, said it is reviewing its options for the struggling chain. The company said recently it has been approached by several potential buyers or partners in Fresh & Easy.
Tesco CEO Philip Clarke said, "It is now clear that Fresh & Easy will not deliver acceptable shareholder returns on an appropriate timeframe in its current form. Whilst the business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities."
Clarke added that all options are being considered -- including a sale, closure or partnership. Tesco has hired investment bank Greenhill to assist in its review of the chain.
Netflix (NFLX) is trending after the video-on-demand service acquired exclusive U.S. rights to Walt Disney movies. The three-year deal goes into effect in 2016. Starting immediately, Disney will also give Netflix non-exclusive streaming rights to more of its older films like "Alice in Wonderland" and "Pocahontas." Terms of the deal were not disclosed, though some reports said Netlfix could pay more than $300 million a year for Disney films.
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