Fairway Market, the New York grocery staple known for its gourmet food and packed stores, says it filed for bankruptcy with a plan to sell five stores
Fairway, which has 14 stores, entered into what's known as a stalking horse agreement with Village Super Market, the owner of ShopRite, to sell up to five New York stores and a distribution center for $70 million. Other companies are allowed to make bids on Fairway's assets during the court-run process.The company will continue to negotiate to sell its remaining stores, it said.
Walmart bought Jet in 2016 and launched a same-day grocery service, but it fizzled.Burt P. Flickinger III, managing director of Strategic Resource Group, said Fairway's first bankruptcy was wasted and the company should have cut its stores at the time by around 30%. This latest one will have devastating consequences for workers, vendors and consumers, he said."New York, Chicago and Los Angeles are the three highest-priced markets for groceries.
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