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The Fresh Market Will Close 15 Stores in 9 States
The Fresh Market Inc., an upscale grocery chain based in Greensboro, North Carolina, announced it will close 15 underperforming stores in nine states.
In the next four weeks the grocery chain will close stores in Georgia, Illinois, Indiana, Kentucky, North Carolina, New Hampshire, Tennessee, Virginia and Wisconsin.
"Over the last eight months, our company has been executing a turnaround plan and we've seen great progress. 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," said Fresh Market CEO Larry Appel in a statement.
The company was acquired in 2016 by private equity firm Apollo Global Management for $1.36 billion. The private-equity firm
took over the company in an all-cash deal when Fresh Market began to look for suitors; sales growth had slowed, with comparable sales turning negative amid competition in the organic sector... To read the complete story, click on this link https://abasto.com/