date:Dec 21, 2012
Tesco has announced an embarrassing retreat from the US after pouring 1bn into a bid to take on the mighty Wal-Mart in its own backyard.
The supermarket group's deputy chief executive, Tim Mason, who heads the loss-making US Fresh Easy chain, is to quit the company after 30 years.
The UK's biggest retailer confirmed on Wednesday it was launching a strategic review of the US business. The chief executive, Phil Clarke, who took over from Sir Terry Leahy last year, said that while all options we