Fairway Market has announced it is filing for Chapter 11 bankruptcy and will sell up to five of its stores to ShopRite before selling its remaining 13 locations.
Fairway has markets in New York City, Long Island, Westchester and Fairfield counties.
The five Fairway locations being sold to Village Super Market, Inc., the parent company of ShopRite, reportedly for $70 million, are all in New York City:
- Upper West Side store at 2131 Broadway
- Harlem store on 2328 12th Ave. (at 125th St.)
- Chelsea store at 766 6th Ave.
- Kips Bay store at 550 2nd Ave.
- Upper East Side store at 240 East 86th St.
In addition, Fairway, which has been in business since the 1930s, is selling a distribution center to ShopRite.
Fairway had denied a report on Wednesday, Jan. 22 that it was closing all of its stores and declaring another form of bankruptcy, Chapter 7, before making its announcement on Thursday, Jan. 23.
Fairway's Westchester location is in New Rochelle, its Long Island stores are in Plainview and Westbury and its Fairfield County market is in Stamford.
Village Super Market, Inc. issued a statement Thursday saying "We are committed to keeping Fairway, including its name, unique product selection and value, a part of this community."
The sale of Fairway's remaining markets will be under court supervision.
Said Abel Porter, chief executive officer at Fairway Market": 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."
Click here to sign up for Daily Voice's free daily emails and news alerts.