It’s been one hell of a week.
The NY Post stated that “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”.
Fairway denied these claims with a Tweet shared on Wednesday morning:
Despite reports, Fairway Market has no intention to file for chapter 7 or liquidate all of its stores. All 14 stores remain open for business, offering a complete range of high quality, specialty food products, and we look forward to seeing our customers and employees. pic.twitter.com/eqiMFODBGW
— Fairway Market (@FairwayMarket) January 22, 2020
Then on Thursday morning, a NY Times article stated that Fairway has filed for Chapter 11 bankruptcy protection. The article states that Fairway has accepted an initial bid from Village Super Market to buy as many as five Fairway stores as well as its distribution center. The bid, according to the times, was for approximately $70 million.
According to the Times report, Fairway has also stated that the “bankruptcy court would run a supervised sale process for its remaining stores”, and that they would continue to operate all of their stores during the process.
And just before noon on Thursday, Fairway’s CEO, Abel Porter, posted the following message on social media:
We would like to extend gratitude to our employees, vendors, distributors and customers for their support, dedication, and loyalty over the years. It has always been Fairway’s priority to ensure our patrons are provided with the most optimal grocery experience, with the freshest foods and best quality products, and our employees feel appreciated. 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.
There are still a whole bunch of unanswered questions, like if the original UWS Fairway will stay open or not …
We’ll be providing more updates as they come.