Fairway Market has filed for Chapter 11 chapter and entered right into a stalking horse asset buy settlement with Village Tremendous Market to promote as much as 5 New York Metropolis Fairway shops and its distribution heart for roughly $70 million, Fairway has introduced. It would execute a court-supervised sale of its remaining places.

Fairway stated in a press release that through the course of it would proceed to conduct enterprise and serve prospects in its shops throughout New York, New Jersey, and Connecticut and doesn’t count on any interruption in service. It would proceed to supply “a whole vary of top quality, specialty meals merchandise.” 

“We wish to lengthen gratitude to our workers, distributors, distributors and prospects for his or her help, dedication and loyalty through the years,” stated Fairway CEO Abel Porter. “It has all the time been Fairway’s precedence to make sure our patrons are supplied with essentially the most optimum grocery expertise, with the freshest meals and very best quality merchandise, and our workers really feel appreciated. After cautious consideration of all alternate options, we have now concluded {that a} Court docket-supervised sale course of is one of the simplest ways to satisfy our goals of preserving as many roles as potential, maximizing worth for our stakeholders, and positioning Fairway for long run success below new possession.”

Village Tremendous Market operates shops below the ShopRite and Connoisseur Storage banners. “Perry and Nick Sumas opened the primary Village Market in 1937, and our household continues to consider deeply within the significance of neighborhood grocery shops. We recognize that Fariway’s loyal prospects are involved in regards to the future, and if we’re profitable in our bid, we’re dedicated to conserving Fairway, together with its identify, distinctive product choice and worth, part of this group,” stated Robert Sumas, CEO of Village Tremendous Market, in a press release.

Associated: Fairway Suppliers Await Destiny of Iconic Retailer; Fairway Marketplace for Sale As soon as Extra.