The New York Post reports:
Legendary Big Apple grocer Fairway Market is getting ready to call it quits, The Post has learned. The New York City chain — known for its wide selection of cheeses and cheap produce — is planning to file for a Chapter 7 bankruptcy, which means the grocery chain does not currently have a plan to continue to exist — unlike when it filed what’s known as a Chapter 11 reorganization plan in 2016, sources told The Post.
Under the current plan, Fairway will close all 14 of its stores, including its flagship store at Broadway and West 74th Street, sources said. The liquidation could be announced as soon as Wednesday, sources said. The liquidation plan comes despite ongoing interest by a potential rival in acquiring the Fairway brand, which dates to 1933 when the Glickberg family opened a fruit-and-vegetable stand on the Upper West Side, sources said.
Terrible news for our community. @FairwayMarket is a NY institution that began on the #upperwestside. Saddled with untenable debt by their private equity shop owner in the name of “growth” (aka shareholder returns) ultimately forced this bankruptcy. Enough of these stories. https://t.co/YRD2llcSeO
— Lindsey Boylan (@LindseyBoylan) January 22, 2020
Loved going to the @FairwayMarket on 125th – was a true NY experience. Fairway’s been profitable since it opened in the 30s. Sold in 2007 to vulture capitalist Sterling Investment, who issued $300mm in debt in less than 10 years, leading to their closurehttps://t.co/n6lyLzKgIV
— Sanjay R. (@rana05) January 22, 2020