The Fresh Market explores bid for company

Just a few weeks after installing a new CEO, the Fresh Market is planning to conduct a strategic review that may include a sale of the specialty grocery chain.



The company says it has retained J.P. Morgan Securities as its financial advisor to assist in this process, which may result in the company continuing to pursue value-enhancing initiatives as a standalone company, capital structure optimization, or a sale of the company or other business combination.



Rich Noll, the company's lead independent director, said: "The company recently announced the appointment of Rick Anicetti, a seasoned leader with significant experience and success operating grocery businesses in highly competitive environments, as president and CEO. Since joining the company, Rick and his team have been working to identify and execute on opportunities to improve the company's sales growth and to drive operational efficiencies. The board of directors has determined, consistent with its obligations to the company and its stockholders and together with the work being done by management, that it is also prudent to conduct a strategic and financial review of the business focusing on the company's and its stockholders' best interests."



The Fresh Market has struggled with declining same store sales due to an outdated business model and ever-increasing competition in the grocery space. Its main competitors in the specialty grocery business are Sprouts, Whole Foods Market and Trader Joe’s.



The company operates 178 stores in 27 states across the United States.