The Fresh Market submitted a request to the Securities and Exchange Commission on Wednesday to withdraw its filing for an initial public offering, effectively ending its latest push toward the public markets.
The Fresh Market did not give a reason for withdrawing its filing. Reuters, which first reported the news, noted that the current climate for IPOs is challenging due to recession fears and the war between Russia and Ukraine.
The specialty grocer filed a confidential draft registration statement with the SEC for an IPO in March 2021 and then a few months later, filed a public S-1 statement noting its progress as an omnichannel grocer since owner Apollo Global Management took it private in 2016. The company has updated its filing every few months, with the latest version coming on March 14.
In May, South American retailer Cencosud acquired a 67% stake in The Fresh Market for $676 million. Cencosud has the option of eventually increasing its stake to 100%.
The Fresh Market spent six years as a publicly traded company beginning in 2010 — a period defined by rapid expansion and an attempt to broaden its appeal. Under Apollo’s ownership, the company has reduced its store count and refocused on its roots as a specialty grocer.
In 2020, The Fresh Market hired Jason Potter, who had a track record of turning around underperforming companies, as its CEO. Earlier this year, it named Adrian Bartella, who has experience guiding companies through public offerings, as its chief financial officer.
