The North Carolina organic grocery store chain Earth Fare announced it would close its operations, and it will begin inventory liquidation sales at all of its stores. It’s the third food retailer forced to leave the business this year, due to economic difficulties.
In a press release, the company based in Asheville said that all employees have been notified of the impending closure of the company’s stores and corporate office. During this time, the Company will continue to pursue a sale of assets, in whole or in parts.
“Earth Fare has been proud to serve the natural and organic grocery market, and the decision to begin the process of closing our stores was not entered into lightly. We’d like to thank our Team Members for their commitment and dedication to serving our customers and our vendors and suppliers for their partnership,” said Earth Fare.
Founded in 1975 in Asheville, North Carolina, Earth Fare is one of the largest natural and organic food retailers in the country, with more than 40 locations across ten states in the Southeast, mid-Atlantic, and Midwest, according to the company’s website.
In recent years, the company has implemented numerous strategic initiatives aimed at growth and expansion and improving the customer experience, but competition and other economic challenges led Earth Fare to begin the process of selling its stores.
“While many of these initiatives improved the business, continued challenges in the retail industry impeded the company’s progress as well as its ability to refinance its debt. As a result, Earth Fare is not in a financial position to continue to operate on a go-forward basis. As such, we have made the difficult, but necessary decision to commence inventory liquidation sales while we continue to engage in a process to find potential suitors for our stores,” stated Earth Fare.
The inventory liquidation sales will feature an outstanding assortment of merchandise at very significant price reductions. Store fixtures are also available for sale as part of this process.
Recently, Lucky’s Market filed for Chapter 11 bankruptcy reorganization and announced the closure of 32 stores in Florida. In New York, Fairway Market also entered a Chapter 11 bankruptcy reorganization with the purpose to sell all its stores.