Ronald W. Burkle said his investment firm, Yucaipa Cos., tried its hardest to save Fresh & Easy, the struggling grocery chain that filed for bankruptcy protection last month but ultimately couldn't overcome bad decisions made by the previous owner.
The billionaire investor, who made his fortune in the supermarket business, gave his take on why Fresh & Easy failed in a statement to The Times.
Last month, the El Segundo company filed for Chapter 11 bankruptcy for the second time in two years. Stores will be closed by mid-November, and about 3,000 people will lose their jobs.
Burkle's Yucaipa took over more than 150 Fresh & Easy stores following the...