FAIRWAY TO HEAVEN
Grocer fi les for bankruptcy, leaving Brooklyn stores in jeopardy
BY KEVIN DUGGAN
They’re ready to check
out.
After denying reports
that it would fi le for chapter 7
bankruptcy on Jan. 22, Fairway
Market fi led for chapter
11 bankruptcy on Thursday,
as the company struggles
to fi nd a buyer for its Kings
County supermarkets.
Fairway put its 14 supermarkets
up for sale in September
to address debts totaling
$174 million, but the
grocer has only managed to
sell its five Manhattan markets
to ShopRite owner Village
Super Market for $70
million, according to Chief
Executive Office Abel Porter.
That leaves Fairway’s
Red Hook and Georgetown
supermarkets — along with
seven other stores located
throughout Queens, Long Island,
Connecticut, New Jersey,
and upstate New York —
swinging in the wind, and a
spokeswoman for Fairway
could only promise that the
stores would stay open until
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bankruptcy proceedings conclude.
A group of the company’s
lenders have also agreed to
provide up to $25 million
to help reorganize Fairway
Market, according to a company
press release.
This is Fairway’s second
time fi ling for chapter
11 bankruptsy and follows a
2016 reorganization that saw
the grocery reemerge under
its current ownership by investment
fi rms Brigade Capital
Management and Goldman
Sachs Group — while
also closing one of its stores
on Long Island.
The chain, which began in
1933 as a fruit and vegetable
stand on the distant isle of
Manhattan, opened its fi rst
Kings County outpost inside
a 19th-century storage warehouse
on Red Hook’s Van
Brunt Street in 2006 — which
it had to shut down temporarily
after the massive waterfront
building took a beating
during Superstorm Sandy in
2012, before reopening the
following year.
The company later opened
its second Brooklyn location
at the Ralph Avenue strip
mall in 2017.
The fate of Fairway Market’s Red Hook and Georgetown branches hangs in the balance as the grocery chain
fi led for bankruptcy on Jan. 23. Photo by Max Jaeger
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1) New money only. APY effective December 2, 2019. Annual percentage yield assumes principal and interest remain on deposit for a full year at current rate. Minimum deposit balance of
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