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Agence France-Presse reports that Tesco is pulling out of Japan, 10 months after originally announcing its intentions, by selling 50 percent of its shares in Tesco Japan to Aeon, the nation's largest retailer. According to the story, those shares are being sold for a "nominal amount," and then Tesco will invest the equivalent of about $60 million (US) in the joint venture "to finance further restructuring."

The deal, according to the story, leaves Tesco with "no further financial exposure to the Japanese business."

KC's View:
Reminds me of the old joke about the event that was so awful that admission was free ... you have to pay to get out.

Which is what Tesco seems to be doing here.

Wonder if this is some sort of precursor of what could happen with the Fresh & Easy division in the US?