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FLETCHER, N.C. — Natural and organic grocer Earth Fare said Monday that it would close all its stores and its corporate headquarters and liquidate its assets.
The chain said it had notified employees of the pending closures. The privately owned company has about 50 stores after shuttering its three stores in Indianapolis last month.
“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,” the company said in a statement.
The company noted that in recent years it had implemented strategic initiatives aimed at growth and expansion and enhancing the customer experience.
“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,” according to Earth Fare’s statement. “As a result, Earth Fare is not in a financial position to continue to operate on a go-forward basis.”
Earth Fare becomes the third food retailer in recent weeks to announce it would liquidate at least some of its assets. New York-based Fairway Market filed for Chapter 11 bankruptcy protection January 23 and said it would close a distribution center and up to five of its 14 stores. And Boulder, Colo.-based Lucky’s Markets filed for Chapter 11 last week after disclosing plans to sell 32 of its 39 stores.
