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The Fresh Market Inc.'s board of directors will conduct a strategic and financial review of the company's business, which could result in its remaining a stand-alone company, opting for capital structure optimization, putting itself up for sale, or another business combination.
"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 chief executive officer," noted Rich Noll, The Fresh Market's lead independent director. "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.
"An update on these findings will be provided when the company reports its third-quarter fiscal 2015 earnings in November. 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," Noll said.
Anicetti, once president and CEO of Food Lion and co-CEO of its parent company, Salisbury, N.C.-based Delhaize America, is the first person hired from outside The Fresh Market to lead the company.
According to The Fresh Market, it won't make any further comment on the matter until the board approves a specific action or completes its review.
To assist in the review, the specialty grocer has retained J.P. Morgan Securities LLC as its financial adviser and Cravath, Swaine & Moore LLP and Richards, Layton & Finger P.A. as its legal adviser.
The Fresh Market operates 178 stores in 27 states.