Sprouts supermarket is closing its doors, and will no longer be owned by the family who owns it.
The company announced that it will close on March 14, 2017.
The decision comes after an internal investigation into the food giant’s practices, as well as a recent review of its financials.
The Sprouts website, which was first launched in 1998, has since grown to be the most popular supermarket in the world.
Sprouts, which owns the iconic Pringles brand, said in a statement that it was unable to meet its financial obligations to shareholders, “and to address the challenges inherent in a food company’s financials.”
In the statement, Sprouts also acknowledged “significant challenges” the company faced, but said it had taken decisive action to protect shareholder interests.
The grocery chain is in the process of selling its operations, including the Pringls.
Sprades CEO Joe Kibbe said in the statement that he had made the decision to close because “the company has not met its financial expectations for the past five years.”
Kibbee is a former CEO of the parent company of the Pringle brand, which has been on the shelves of supermarkets around the world for decades.
Kibbie took over the company in 2000, but the company suffered a series of financial missteps.
In 2015, Sprays shares were down around 12% for much of the year.
The loss was partially due to the price of natural gas that was being used to power Sprouts.
In 2017, Sprades said it was “investing significantly” in its operations and expected to make a “significant” return on its investments.
It also said it planned to hire 1,000 new workers.
The store closures come on the heels of another announcement from Sprouts that it would be closing the first of several locations in New York City.
In a statement, the company said it would “be closing the company’s first two New York locations in the near future.”
Sprouts announced in 2016 that it planned on closing 25 locations in a 30-state footprint, which included New York, California, Texas, Florida, Illinois, New Jersey, Virginia, and Maryland.
It said that it has invested $8 billion in its business.
Sprays also announced in December that it plans to open its first store in Los Angeles.
Spruses has had some successes, like opening the first grocery store in Chicago.
It has also been hit by financial woes.
The chain announced in February that it had to pay more than $1 billion in fines for misclassifying sales and income in the US, and for overbilling customers with items in violation of federal rules.
Sprout also announced a series on its financial troubles, including a lawsuit from shareholders seeking to force the company to sell itself.
The lawsuit was thrown out by a federal judge in May.
Sprins said in March that it expects to raise $200 million to cover legal fees and expenses.
Sprinks announced in March it would lay off more than 1,100 people, or nearly half of its workforce, and close some locations.
Sprows said in December it would close more than 2,000 stores in the U.S. and Canada.
The closure comes after a year of growing pains for the food and beverage chain, which began its journey to become a global brand in the early 1990s.
Sprisions parent company, Pringels, was founded in 1899.
The family of brothers Joseph and Joseph Sprouts started the company with a pair of young entrepreneurs, and expanded to a grocery store chain in the late 1990s and early 2000s.
In 2018, Sprins merged with a smaller chain to form Sprouts USA.
The new company was named Sprouts in 2020.
Sprushes was acquired by the Sprouts family in 2013, and it became a food chain, with its flagship brand, Pringle, and its namesake Pringleds products, including Pringle Bars.
In the last year, the Sprushes family has faced a number of challenges, including its struggling financials, an investigation by The New York Times, and a loss of investor confidence.
In April, Spruses reported that it sold its majority stake in the company.
Sprovers said in its statement that “as a result of these challenges, we have determined it is in our best interests to conclude this business transaction.”