Tesco brings F&F clothing business to US

14th Apr 2014 15:57

Tesco is bringing its F&F clothing business to the US, just seven months after selling its loss-making US supermarket division Fresh & Easy.The UK retailer announced it would open seven stores on the east coast this year with US franchise partner Retail Group of America.The group will start in Boston before opening four stores in New York in May and others in Philadelphia and Newport, Virginia. Tesco will compete against value-priced clothing such as Target, J.C. Penney and Gap Inc's Old Navy.F&F, which was launched in the UK and Ireland in 2001, currently operates in 21 countries.In September, Tesco sold its Fresh & Easy chain to billionaire Ron Burkle's Yucaipa investment company following a six-year failed attempt to reach the US market. Tesco delivers its full-year results on Wednesday.Shares rose 2.63% to 288.45p at 16:16 on Monday.RD