Fairway Market has filed for Chapter 11 bankruptcy and entered into a stalking horse asset purchase agreement with Village Super Market to sell up to five New York City Fairway stores and its distribution center for approximately $70 million, Fairway has announced. It will execute a court-supervised sale of its remaining locations.
Fairway said in a statement that during the process it will continue to conduct business and serve customers in its stores across the New York, New Jersey, and Connecticut and doesn’t expect any interruption in service. It will continue to offer “a complete range of high quality, specialty food products."
"We would like to extend gratitude to our employees, vendors, distributors and customers for their support, dedication and loyalty over the years,” said Fairway CEO Abel Porter. “It has always been Fairway's priority to ensure our patrons are provided with the most optimal grocery experience, with the freshest foods and best quality products, and our employees feel appreciated. After careful consideration of all alternatives, we have concluded that a Court-supervised sale process is the best way to meet our objectives of preserving as many jobs as possible, maximizing value for our stakeholders, and positioning Fairway for long term success under new ownership."
Village Super Market operates stores under the ShopRite and Gourmet Garage banners. “Perry and Nick Sumas opened the first Village Market in 1937, and our family continues to believe deeply in the importance of neighborhood grocery stores. We appreciate that Fariway’s loyal customers are concerned about the future, and if we are successful in our bid, we are committed to keeping Fairway, including its name, unique product selection and value, a part of this community,” said Robert Sumas, CEO of Village Super Market, in a statement.
Related: Fairway Suppliers Await Fate of Iconic Retailer; Fairway Market for Sale Once More.
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