The Fresh Market plans to shutter 15 underperforming stores across nine states.
That includes its location in north Charlotte at 3024 Prosperity Church Road.
The Greensboro-based specialty grocer opened that store in November 2014.
No timetable was provided for when the local store will close. The Fresh Market says it will relocate as many impacted employees as possible to other stores across its footprint.
None of the chain's five other Charlotte-area stores will be affected.
The Fresh Market opened its store at 3024 Prosperity Church Road in 2014. At the time, that was the chain's fourth location in the Charlotte market.
The company has been executing a turnaround plan over the last eight months, says Larry Appel, chief executive.
“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,” Appel says.
He was named president and CEO of The Fresh Market last September. Private-equity firm Apollo Global Management (NYSE: APO) owns the specialty grocer.
The closings took into account the company’s growth strategy and long-term financial performance.
The Fresh Market operates 176 stores in 24 states — not accounting for the 15 slated to close.
It also has closed 18 stores over the last two years.
“We do not expect any further store closures in the foreseeable future,” Appel says.
In Charlotte, The Fresh Market’s plans include building a new 24,000-square-foot store to replace its existing location in the Strawberry Hill development in south Charlotte.
Local market share in fiscal 2016
| Rank | Prior Rank | Business name/prior rank |
|---|---|---|
1 | 1 | Harris Teeter, a division of The Kroger Co. |
2 | 3 | Wal-Mart Stores Inc. |
3 | 2 | Delhaize America Inc./Food Lion LLC |