New Leaf Market Facing Possible Sale
A natural food retailer in Tallahassee, Fla., that's been in business for more than 40 years is poised to put itself up for sale.
According to the Tallahassee Democrat, the board of directors of New Leaf Market is asking its primary members to vote in favor of selling to Community Co-Op Market, which is interested in buying New Leaf's assets from the National Cooperative Bank, including the retailer's operational equipment.
New Leaf is a food cooperative that's been around since the 1970s. Last week, New Leaf sent an email blast to its owners outlining the co-op's financial picture and provided a statement to the Democrat.
According to the email, market competition from retailers such as Whole Foods Market, Earth Fare and others have caused revenue and traffic at New Leaf to plummet.