39°
Although the New York Post on Wednesday reported the New York City grocer planned on filing Chapter 7 bankruptcy and closing all 14 of its locations, Fairway apparently has new plans in place.
Fairway -- which has stores in Paramus and Woodland Park -- filed for Chapter 11 bankruptcy Thursday, after denying The Post's report of filing for Chapter 7 Wednesday.
The New York City grocer reached a deal to sell its distribution center and five NYC stores to Village Super Market (which operates more than two dozen ShopRite stores) for $70 million.
All Fairway stores will remain open during a court-supervised sale process to continue to negotiations for the sale of its remaining store locations.
The market in the filing said liquidation would be "worst-case scenario" although it hadn't been ruled out as of late Wednesday, according to The Post.
Fairway's Harlem, Chelsea, Kips Bay, Upper East Side locations, and the flagship store at 2131 Broadway, would be sold to Village Super Market as part of the deal, the New York Post reports.
“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,” Fairway CEO Abel Porter said in a statement.
Store officials in Paramus and Woodland Park declined comment when Daily Voice called Wednesday.
Click here to follow Daily Voice Hackensack and receive free news updates.
