Could This Be the End of Fairway Markets, a New York Institution?

Fairway, she added, would soon announce a transaction “that will provide for the ongoing operation of its stores.” In the meantime, all 14 locations remained open.

Two people with knowledge of the company’s deliberations said the company was contemplating bankruptcy plans. The details of the plans, including whether some stores will stay open with a new owner, have not yet been worked out, according to the two people.

Opening as a fruit and vegetable stand in 1933, Fairway became a destination on the Upper West Side of Manhattan, where fiercely loyal shoppers endured cramped aisles and occasional pushing for its selection of artisanal breads, French cheeses and fresh seafood.

But the company’s decision to expand beyond Manhattan and open stores in the suburbs hobbled it financially and it has struggled to find its financial footing. Fairway has also been hurt by the arrival of Whole Foods and Trader Joe’s in New York City and the growth of online competition from Amazon and Fresh Direct, among others.

Still, news of Fairway’s potential demise set off lamentations on social media and on the streets of New York, though some people said they believed that the chain had lost its luster.

Article source: https://www.nytimes.com/2020/01/22/nyregion/fairway-market-bankruptcy.html?emc=rss&partner=rss