The Fresh Market scraps IPO

The Fresh Market won’t be going public anytime soon.

The Fresh Market Holdings has withdrawn its initial public offering, saying it does The Fresh Market has withdrawn its IPO.

not intend to pursue the IPO at this time. The move comes amid a slump in U.S. IPOs due to the volatile economic climate. It also comes a couple of months after South American retail conglomerate

Cencosud entered into an agreement with Apollo Global to acquire a 67% stake in the Greensboro, N.C.-based specialty grocer.

The remaining will be owned by existing shareholders, including Apollo, which acquired the company and took it private in 2016.

Founded in 1982, The Fresh Market operates approximately 160 stores across 22 states. Stores average 21,000 sq. ft. The company reported $1.9 billion in sales for the 12 months ended October 31, 2021.