Tesco urged to quit U.S., get back on track

Tesco was facing fresh scrutiny today after a leading shareholder said quitting America would help it get its UK operation back on track.

The comments from Richard Black at Legal & General Investment Management, which is Tesco’s third biggest shareholder with a 4 percent stake, come days before chief executive Phil Clarke unveils his blueprint for reviving the chain.

As well as an exit from the loss-making American operation Fresh & Easy, Mr. Black has suggested Tesco ditches banking in order to concentrate on the core grocery side of the business in the UK.

Click here to read the full story from The Independent >