The Fresh Market closing 15 stores
Specialty grocery chain The Fresh Market announced it is closing 15 stores in nine states as part of a turnaround plan, say reports including one from Fortune.com.
According to the Greensboro, N.C.-based chain, the stores affected are in Snellville and North Druid Hills, Ga.; Peoria, Normal, Glen Ellyn and Lincolnshire, Ill.; Fishers, Ind.; Louisville, Ky.; North Charlotte, N.C.; Bedford, N.H.; Hendersonville, Tenn.; Winchester and Charlottesville, Va.; and Brookfield and Fox Point, Wis.
The locations will shut down in the next two to four weeks, the Fortune.com report noted. The company stated that it will do its best to “relocate as many impacted employees as possible to other stores within our footprint.”
The Fresh Market said it doesn’t anticipate closing additional stores in the near term. The company closed five stores last year and 18 the year before, including all of its locations in Texas, Missouri, Iowa and Kansas.
An upscale chain that operates exclusively in the U.S., The Fresh Market stated the stores to be affected were chosen following an organizational analysis of its 174-store footprint.
“Over the last eight months, our company has been executing a turnaround plan, and we’ve seen great progress,” Fresh Market CEO Larry Appel said in a statement. “However, for a variety of reasons unique to each retail location, that progress is not evenly distributed and, as a result, we have decided to close these long-term, underperforming stores.”
The chain currently operates 176 stores across 24 states, predominantly in the Southeast. In 2016, the retailer was purchased for approximately $1.36 billion by the private equity firm Apollo Global Management. Faced with rigorous competition from other grocery chains, some with lower price points, the chain is best known for high-quality produce, meat and prepared foods. It has met with rivalry from both traditional and discount retailers that have been expanding with similar product lines.
“Looking ahead, I am confident this move will better position The Fresh Market and enable us to continue delivering our great tasting meals, signature products and an incredible shopping experience,” Appel noted.