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Apollo-backed supermarket Fresh Market Holdings withdraws initial public offering

The Fresh Market Holdings Inc. said in a filing published Wednesday it’s withdrawing its initial public offering. The Greensboro, N.C.-based supermarket chain did not provide a reason for the move, but it said it does not intend to pursue the IPO at this time. The company is controlled by Apollo Global Management Inc. . On May 11, Fresh Market said it agreed to sell a 67% stake in itself for $676 million to Chile-based retailer Cencosud SA in a deal that values the company at nearly $1.6 billion. Apollo will retain a minority stake in the company. Fresh Market Holdings reported net income of $26.9 million and sales of $1.89 billion in the year ended Jan. 31, 2021, compared to a loss of $65.4 million and sales of $1.52 billion in the year ended Jan. 26, 2020.

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