The Fresh Market continues to set in motion its turnaround plan; this time, with an announcement that it will close 15 underperforming stores. These stores are located in Georgia, Illinois, Indiana, Kentucky, North Carolina, New Hampshire, Tennessee, Virginia, and Wisconsin—according to a report by The Chicago Tribune—and are expected to close within two to four weeks.
After Apollo Global Management took over ownership in 2016, as we reported in our sister publication AndNowUKnow, the firm’s intention was to buy and turnaround The Fresh Market. The firm achieved a successful purchase and IPO with retail chain Sprouts Farmers Market. In total, Apollo’s acquisition of The Fresh Market was valued at $1.36 billion. In the wake of that acquisition, several members of the retailer’s top leadership positions have been filled with new blood, including CEO Larry Appel, Vice President of Merchandising, Produce, Vic Savanello, and Chief Merchandising Officer Rich Durante.
“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 CEO Larry Appel in a statement reported by the source. Appel was appointed at the beginning of that eight month time period he refers to in September 2017.
“We do not expect any further store closures in the foreseeable future,” Appel continued.
Will streamlining its stores be enough to give The Fresh Market a competitive edge in the grocery sector? Deli Market News will continue to report.