Fairway Market Declares Bankruptcy and Announces Store Closures
- Fairway Market filed for Chapter 11 bankruptcy protection on Thursday. It also reached a deal with Village Super Market to sell its Manhattan distribution facility and five Manhattan stores.
- According to the supermarket chain, the remaining 9 shops will be sold under court supervision.
Fairway Market said that it has filed for Chapter 11 bankruptcy protection.
Village Super Market, a New York-based grocery company, has agreed to sell five Manhattan shops and its distribution facility to Village Super Market. Village Super Market is also the parent company of ShopRite and Gourmet Garage. The properties are being offered for $70 million by Village Super Market.
Fairway has indicated that it wants to sell its remaining shops with the help of the courts.
There are 14 shops in New York, New Jersey, and Connecticut, according to the company’s website.
Throughout the bankruptcy proceedings, the business claimed that all of its stores would stay open.
“After carefully considering all options, we have concluded that the court-supervised sale process is the best way for us to achieve our objectives of preserving as many jobs as possible, maximizing value for our stakeholders, and positioning Fairway for success under new ownership,” said Abel Porter, Fairway Market’s chief executive officer.
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