Loading…

Fairway to sell five NYC stores, distribution center

Fairway Market has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to complete its strategic sale process.  The company has entered into a stalking horse asset purchase agreement with Village Super Market Inc. to sell up to 5 New York City Fairway stores and its distribution center for approximately $70 million.  In addition, the company will execute a court supervised sale process to continue to negotiate for the sale of its remaining store locations.  An group of the company's senior lenders are supportive of the sale process and have agreed to provide the company with up to $25 million in debtor in possession financing.fairway

Fairway Market will continue to conduct business and serve customers at its stores across the tri-state area and expects no interruption in service during the court-supervised process. Fairway Market stores will continue to offer a complete range of high quality, specialty food products, and all existing customer promotional and loyalty programs will stay in place during this process.

"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," said Abel Porter, chief executive officer at Fairway Market. "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."

Village Super Market Inc. operates a chain of supermarkets and specialty markets in the Northeast under the ShopRite and Gourmet Garage banners.  "Perry and Nick Sumas opened the first Village Market in 1937, and our family continues to believe deeply in the importance of neighborhood grocery stores.  We appreciate that Fairway's loyal customers are concerned about the future, and if we are successful in our bid, we are committed to keeping Fairway, including its name, unique product selection and value, a part of this community," said Robert Sumas, CEO of Village Super Market Inc.

USDA cites Ohio business for $800K PACA violations
As a part of its efforts to enforce the Perishable Agricultural Commodities Act and ensure fair trading practices within the U.S. produce industry, the U.S. Department of Agriculture has imposed sanctions on PK Produce Inc. in Canton, OH, for failing to meet its contractual obligations to the sellers of produce it Read More ...
Sobeys expands curbside pickup service
Sobeys is expanding its e-commerce offering to Atlantic Canada with the launch of Voilà by Sobeys Curbside Pickup. Now available at three Sobeys store locations in Nova Scotia, the new service offers a freshness guarantee and products at affordable prices with no hidden fees. Orders are assembled with care by Voilà by Read More ...
IPC helps foodservice operators make changes to meet COVID-era challenges
Portability, profitability, innovation and menu simplification. Those topics were the themes of a webinar presented by the Idaho Potato Commission as part of Restaurants Rise, an initiative launched in May by Nation’s Restaurant News and Restaurant Hospitality. The initiative has included live virtual events to aid Read More ...
Indianapolis Fruit Co. expands robust team
Indianapolis Fruit Co. remains focused on being a leading super-regional produce and specialty foods distributor providing premium quality products and unprecedented customer experiences through experts who care. The company, a business unit of IF&P Foods and the FreshEdge Group of Cos., primarily services the retail Read More ...
Meijer vet joins SpartanNash leadership
SpartanNash Co. has hired Shaquanda Gordon as vice president of human resources, talent and diversity. Gordon will build on the company's efforts to ensure a diverse, equitable and inclusive workforce by driving the overall human capital strategy for the organization. In this newly created position, she will lead the human Read More ...
Index Fresh hires seasoned sales representative Susie Rea
In a move to bolster its sales efforts, Index Fresh hired Susie Rea this month. Rea has a great reputation in the avocado industry and brings with her an extremely successful 23-year career in produce sales, supported by strong industry relationships globally. “Susie is an incredibly dynamic sales professional with an Read More ...

Market Watch

the source pro-act

Western growing regions getting hit by rain, cooler temps

floral pulse