The Fresh Market, under brand new ownership by Apollo Global Management and management by former Food Lion CEO Rick Anicetti, has announced its decision to close 13 of its 175 stores, or about eight percent of its fleet.
The stores affected included all of The Fresh Market's units in Texas, Iowa, Missouri and Kansas. They are all scheduled to be shutter by May 18.
Anicetti said in a statement that it was “a difficult but necessary step with the end goal of producing a strong, more agile company ... This shift also allows us to focus our energy and resources on the growth of our remaining stores, as well as new stores we have planned in the future. We continue to pursue our strategy of offering exceptional products, engaging shopping experiences, and great customer service across all our stores."
The stores affected included all of The Fresh Market's units in Texas, Iowa, Missouri and Kansas. They are all scheduled to be shutter by May 18.
Anicetti said in a statement that it was “a difficult but necessary step with the end goal of producing a strong, more agile company ... This shift also allows us to focus our energy and resources on the growth of our remaining stores, as well as new stores we have planned in the future. We continue to pursue our strategy of offering exceptional products, engaging shopping experiences, and great customer service across all our stores."
- KC's View:
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The Fresh Market has struck me as a company that is far too diverse in terms of geography ... it often seemed like it wasn't building the kind of mass that would give it any sort of efficiency. (I always argue that effectiveness is more important than efficiency, but give me a break.)
I'm thinking that Anicetti will be very good at bringing greater discipline to The Fresh Market ... but he also, I think, needs to give it a stronger and more differentiated identity.
