NORTH CAROLINA -- Asheville-based Earth Fare is shutting all of its stores nationwide, including seven in the Charlotte area.

The company made the announcement in a news release Monday.

The natural and organic grocer was founded in 1975 but bought by a private equity firm in 2012, CNN reports. It operated stores in more than a half-dozen states, mostly in the South but also Indiana and Ohio, according to its website.

Earth Fare said it has notified its employees of the impending closure and cited "continued challenges in the retail industry" for its demise. It will try to sell its assets.

Last year, the CEO said they planned to open 50 new locations by 2024.