Ronald W. Burkle said that 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 Los Angeles Times reported on Saturday. The billionaire investor, who made his fortune in the supermarket business, gave his take on why Fresh & Easy failed. Last month, the El Segundo, Calif., company filed for chapter 11 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 chain's 2013 bankruptcy. "The business was in a free fall," Burkle wrote. "Turnarounds are tough, and falling knives are tougher yet." Fresh & Easy was losing as much as $250 million a year, which was "horrifying," Burkle said.
