More than 150 of the 200 Fresh & Easy Neighborhood Markets locations operated by U.K.-based retailer Tesco are to be turned over to Yucaipa Companies. The 50 stores that were not transferred in the deal will be closed, meaning that the clock is ticking for three San Diego County locations and five Sacramento shops. A spokesperson said that a number of other stores could be closed in the San Diego area and that these locations will soon begin liquidating their stock at sale prices.

Financial professionals in California and around the world may have recently learned that Bank of America may be considered merging its division of Merrill Lynch into the bigger firm. Merrill executives reported that the new business formation could occur possibly as early as the fourth quarter of 2013. It was a move that could allow Merrill to continue operations but streamline some BoA subsidiaries. A bank spokesman said that the merger would reduce the number of "legal entities" under the name of Bank of America. He added that the Merrill Lynch name as well as the way their clients and customers were served would remain unchanged.