What's In Store

Fresh Market conducting strategic review, which could result in a sale

Exterior of a Fresh Market store
Exterior of a Fresh Market store The Charlotte Observer

Greensboro-based Fresh Market said its board of directors is conducting a “strategic and financial review” of the business. The review could result in a sale of the company, which is publicly traded.

To assist with the review, Fresh Market has retained J.P. Morgan Securities as its financial adviser.

The specialty grocer said the review could result in its continuing as a standalone company, a capital structure optimization, the sale of the company or another “business optimization.”

“The board of directors has determined ... (it is) prudent to conduct a strategic and financial review of the business focusing on the company’s and its stockholders’ best interests,” Rich Noll, Fresh Market’s lead independent director, said in a statement Tuesday.

Shares in Fresh Market rose nearly 2 percent, closing at $27.60.

Noll noted that since Fresh Market appointed Rick Anicetti as chief executive officer recently, the company has been looking at ways to improve sales growth and make itself more efficient. The company will provide an update on those efforts in November when it reports third quarter earnings.

The grocer is preparing to open its sixth Charlotte-area location in Dilworth Gardens off East Boulevard on Nov. 11. Fresh Market currently operates 20 stores in North Carolina.

Katherine Peralta: 704-358-5079, @katieperalta