Contact Us
Paramus Daily Voice serves Oradell, Paramus & River Edge
Return to your home site

Menu

Paramus Daily Voice serves Oradell, Paramus & River Edge

Nearby Towns

Business

UPDATE: Fairway Market's NJ Stores Could Stay Open After All

Fairway Market in Paramus.
Fairway Market in Paramus. Photo Credit: Google Maps

Fairway Market stores in New Jersey could stay open, after all.

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 Market denied reports of filing for Chapter 7 bankruptcy. On Thursday, the grocer filed for Chapter 11 bankruptcy, with plans to sell five stores and a distribution center for $70 million.

Fairway Market Twitter

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.

to sign up for Daily Voice's free daily emails and news alerts.

Welcome to

Paramus Daily Voice!

Serves Oradell, Paramus & River Edge

Get the news you need to know on the go.

Welcome to

Paramus Daily Voice!

Serves Oradell, Paramus & River Edge

Hi! You've read our articles so we know you like our reporting. To keep reading please join our mailing list.

Get important news about your town as it happens.