The Fresh Market on Monday announced a round of store closings.
The specialty grocer, which was acquired in 2016 by private equity firm Apollo Global Management, on Monday said it plans to close 15 underperforming stores in Georgia, Illinois, Indiana, Kentucky, North Carolina New Hampshire, Tennessee, Virginia and Wisconsin.
The company said it made the decision following the completion of an organizational analysis and careful consideration of the overall growth strategy and long-term financial performance of the company. It doesn’t expect any additional store closings for the foreseeable future.
“Over the last eight months, our company has been executing a turnaround plan and we’ve seen great progress,” said Larry Appel, CEO, The Fresh Market. “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. “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.”
The Fresh Market Inc. operates 170 stores in 24 states.