Sale of Fresh & Easy Confirmed

After losing billions of dollars in the U.S., British grocery giant Tesco confirmed Wednesday it will try to sell off its 200 Fresh & Easy stores in California, Nevada and Arizona.

In announcing plans for "building a better Tesco," the company said it would "exit from the United States," a process it described as "well-advanced."

According to the Los Angeles Times, Tesco's profits plunged 96 percent in the last fiscal year, prompting the company into a $1.8-billion writeoff to unload Fresh & Easy.

Tesco said third parties were interested in buying Fresh & Easy. The chain's Orange County locations include Seal Beach, Fountain Valley, Costa Mesa, Lake Forest, Laguna Niguel and Laguna Hills.

To read more, click here for the L.A. Times story or here for Tesco's statement.