Fresh Market Closing 15 Stores

The Fresh Market (Greensboro, N.C.) said Monday that it will close 15 U.S. stores over the next two to four weeks. The grocer said its closure plans reflect a broader turnaround plan amid intense competition from competing retailers.

The company announced in 2016 that it was selling to private equity firm Apollo Global Management (New York) for $1.36 billion. In wake of other retailers operating in the high-end grocery market with lower operating costs, it has struggled to keep pace. Its CEO Larry Appel said in a statement, “For a variety of reasons unique to each retail location … we have decided to close those long-term underperforming stores.” It has reportedly seen “greate progress” in its turnaround efforts of the past eight months.

The closures will take place in Georgia, Illinois, Indiana, Kentucky, North Carolina, New Hampshire, Tennessee, Virginia and Wisconsin, according to The Chicago Tribune. Beyond those stores, it said it does not plan any additional closures in the “forseeable future.”