This past March, The Fresh Market submitted a confidential filing to the SEC related to a proposed IPO of its common stock. At around the same time, Ted Frumkin was named group VP of real estate, development and construction to help the company “continue to innovate fresh specialty grocery,” signaling a new focus on growth after a year-long pause.
“The Fresh Market expects to use the proceeds of the offering for general corporate purposes, which may include the repayment of indebtedness,” the company noted at the time, as reported by WRAL TechWire. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”
“With this offering, we will return to the public markets, which we believe will allow us significant flexibility in funding our strategy, including allowing us to refinance a significant portion of our debt,” wrote President and CEO Jason Potter in a letter included with the July 2 SEC filing.
According to the filing, the grocer logged almost $2 billion in sales for the year ending Jan. 31, with comparable-store sales growth of 22.3% in fiscal 2020.