SACRAMENTO – The Fresh Market will close its local stores and leave the Sacramento market in a move that will eliminate more than 200 jobs.
Company officials announced the decision Thursday in its fourth-quarter earnings report. It will close its stores at Rocky Ridge Town Center in Roseville, Laguna Crossroads Shopping Center in Elk Grove and in the former Borders Bookstore building on Fair Oaks Boulevard in Sacramento.
The Fresh Market seemed to be doing well nationwide. Fourth-quarter sales were up 15.1 percent to $425.8 million. Net sales for all of 2013 increased by 13.7 percent to $1.5 billion. The company has a total of more than 150 stores in 26 states. At this time, it has no plans to close its other two California locations in Palo Alto and Santa Barbara.
"We are refining our real estate plan to focus on increasing penetration in existing markets while slowing the pace of our expansion in new markets," The Fresh Market President and Chief Executive Officer Craig Carlock said in a statement. "We believe these actions will allow us to allocate capital and resources to opportunities that are more in line with our historical returns."
The company will take a hit of $18 to $20 million during fiscal year 2014 to pay for line items related to leases and severance packages as a result of the closures.