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Tesco shuts 12 stores in the States
Tesco, the world’s third-biggest retailer, is mothballing 12 stores at its loss-making Fresh & Easy business in the United States due to weak local economies, it said yesterday. The British group said it remained committed to the chain, which it is aiming to lift to break even by the end of its 2012-13 financial year. Tesco said there was not enough growth in sales and customers at the 12 stores in California, Arizona and Nevada to justify keeping them open. Shore Capital analyst Clive Black said the move could push up his forecast full-year loss of about £125m for the Fresh & Easy business.