Print
Retail

Earth Fare Closing All Of Its Stores, Including In Wilmington

By Cece Nunn, posted Feb 3, 2020
Earth Fare, which opened a location in Wilmington a little over a year ago, is closing all of its stores. (File photo)

Earth Fare plans to close all of its specialty stores, including the Wilmington location, according to an announcement Monday.

The Wilmington store of the Asheville-based chain opened a little over a year ago at Renaissance Market, 943 Military Cutoff Road.

"All of our other tentants are doing very well," said Raiford Trask III, of Wilmington-based Trask Land Co., on Monday morning.

The shopping center, which also includes West Marine, Blaze Pizza, Starbucks, Verizon and a nail salon, is owned by a Trask entity and its partners. 

"Whatever the outcome, we are confident that we will be able to strengthen Renaissance Market for both our tenants and their customers," Trask said.

The closing of all 50 of Earth Fare's stores, expected to be complete by the end of February, hit the national news Monday. In a news release, Earth Fare officials announced that the company "will begin inventory liquidation sales at all of its stores. Pursuant to the Worker Adjustment and Retraining Notification Act (WARN), 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."

Over the course of the past few years, according to the release, the company has focused on ways to grow.

"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," the release stated.

Check back later for more details on this developing story.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Dallasromanowski headshotcopy

Is This Plan Right for You?

Dallas Romanowski - Cornerstone Business Advisors
Burrus rob headshot 300x300

Addressing Real-World Fiscal Issues: UNCW College Fed Challenge Team Takes Second Place

Robert Burrus - Cameron School of Business - UNC-Wilmington
Screenshot2022 01 06at338 162234623

Genesis Block Aims to Connect Minority Owned Firms to $2.5 Million in Contracts in 2023

Girard Newkirk - Genesis Block

Trending News

Law Firm Relocates From Downtown To Autumn Hall

Staff Reports - Jan 31, 2023

Aiming To Possibly Revive Project Grace, Firm Seeks Business, Community Support

Cece Nunn - Jan 31, 2023

Stone Distributor Slated To Purchase Land In County Business Park

Johanna F. Still - Feb 1, 2023

Rangers Minor League At Play: Will Leland Win Where Wilmington Struck Out?

Johanna F. Still - Feb 2, 2023

At Riverlights, Independent And Assisted Living Development On The Way

Cece Nunn - Feb 2, 2023

In The Current Issue

Facility Owner Puts His Chips On The Table

With more than 15 years of experience in the wood chip industry, Taner Basaga has maintained key relationships with loggers in the region. “...


Chill Couple Grows Ice Cream Stores

Boombalatti’s Homemade Ice Cream became a local favorite when it first opened in The Forum on Military Cutoff Road in 1999. When Wes and Kri...


New App Hooks Seafood Connections

Landon Hill is the founder and owner of the mobile app that seeks to promote local fishers and make it easier for buyers to find fresh seafo...

Book On Business

The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2022 Power Breakfast: Wilmington's Most Intriguing People - Spence Broadhurst & Hannah Gage
2022 Power Breakfast: Wilmington's Most Intriguing People - George Taylor
2022 Power Breakfast: Wilmington's Most Intriguing People - Mike Ford
2022 Power Breakfast: Wilmington's Most Intriguing People - Meaghan Dennison
2022 Power Breakfast: Wilmington's Most Intriguing People - Rhonda Bellamy