Ingles Markets reports that all but 13 of its 198 grocery stores are open for business, but the Asheville-based company adds that a lack of internet service and other connectivity has limited transactions in many locations. Of the locations that remain closed, Ingles expects all will reopen when power is restored to their respective areas, although the company does not have a timeline for power restoration, according to a Form 8-K filing with the SEC.
“Hurricane Helene has impacted both stores and distribution center operations. Our hearts are heavy for those in our communities who lost lives, loved ones, homes and access to basic necessities. Hurricane Helene brought with it unprecedented flooding and property damage, together with continuing power and water outages, which have impacted our footprint of operations,” according to a statement.
Ingles Markets is a leading grocer with operations in six Southeastern states. The company’s stock was trading at $64.52 midday Friday, up $1.73 or 2.76%. Its stock has declined 12.4% in the last five days. It has traded between $61.20 and $89.59 in the past year. It has a $1.2 billion market capitalization.