West Coast Grocery Chain Fresh & Easy To Close

The UK's largest retailer is taking a big loss as it announces it will shut down its West Coast grocery store chain Fresh & Easy. Tesco launched the chain in 2007 with nearly 200 stores throughout California, Nevada and Arizona.

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DAVID GREENE, HOST:

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GREENE: Britain's largest retailer is taking a big loss as it announces it will shut down its West Coast grocery store chain Fresh & Easy. Tesco launched the chain in 2007 with nearly 200 stores throughout California, Nevada and Arizona.

Fresh & Easy's business model was: cheap, natural, healthy food fast. Customers used self-service checkout aisles. Fresh & Easy competed for customers with Trader Joes, Whole Foods and even Wal-Mart, but never turned a profit for Tesco and now it's shutting down. The British supermarket giant says the move will cost them $1.5 billion, but should save them a lot more in the long run.

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