One of the world’s largest retailers. I have a holding in my income portfolio (epic code: TSCO)
Tesco announced yesterday that it had disposed of 150 of its 200 Fresh & Easy stores in the USA. The remainder it will close at a cost of about £70m. The disposal of the 150 stores (presumably at a benefit of the assumption of the liabilities only) includes a secured £80m loan.
This will conclude Tesco's exposure to the US market, an unhappy affair that never looked like delivering a return on its outlay, culminating in a low cost exit that will also provide 80% of its 5,000 workforce with continuing employment.
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