Correction: This article has been updated to clarify details of auction.
Asheville, NC—In February, Earth Fare announced that had begun inventory liquidation sales at all of its stores. Today, the chain is reportedly making a comeback. Asheville Citizen Times reported that a group of local investors, including Earth Fare’s founder, Roger Derrough, have plans to revive several stores.
The newspaper quoted Derrough, who said, “There’s been a big interest in getting some of the stores back into a company. Earth Fare was going through a Chapter 11 (bankruptcy) sale. It’s been going on for six weeks, and it’s been a very arduous process to negotiate.” According to the paper, the hope is to reopen stores in two to three months.
The new Earth Fare team was selected as the winning bidder for 3 Earth Fare stores during the retailer’s bankruptcy auction last week. The investment group, led by Asheville businessman Dennis Hulsing, bid $1.9 million for stores in Asheville; Roanoke, VA; and Athens, GA; and later added Boone, NC and Summerville, SC after further negotiations.
Citizen Times also reported that the bankrupt Earth Fare Inc. has entered into an agreement to sell two locations—one in South Asheville and another in Chattanooga, TN—to Whole Foods Market Group Inc.
Read the full report from the Asheville Citizen Times here.