Dive Brief:

• Fresh & Easy Supermarkets, a Tesco-owned company, is planning to file for bankruptcy protection to get out of some of its stores' leases.
• Fresh & Easy plans to sell the majority of its 200 supermarkets in California, Arizona and Nevada to the investment firm Yucaipa Cos.
• The supermarket chain is reportedly seeking settlements with current landlords prior to filing for bankruptcy protection.

Dive Insight:

Tesco is offering to pay a maximum of 6 months of rent on leases currently scheduled between 8 and 18 years. The company is seeking settlements with only select landlords regarding leases, and the bankruptcy announcement could come as early as Monday.