On July 10, North Carolina-based specialty grocery chain The Fresh Market, announced it will be closing 15 of its stores nationwide over the next two to four weeks. In a statement, the company said that it would do its best to “relocate as many impacted employees as possible to other stores.”
The impacted stores were selected after an analysis of long-term growth. “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,” Apple said.
With 176 stores concentrated mainly in the Southeast, The Fresh Market was purchased for around $1.36 billion by private equity firm Apollo Global Management.
“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 added.
The Fresh Market faces stiff competition from stores such as Whole Foods, Sprouts and Fresh Thyme Farmers Market.