Solomon Partners Advising Fairway on the Sale of its Stores
Today, Fairway Market, the iconic New York City specialty grocer, announced as part of its voluntary petition under Chapter 11 an agreement to sell its Manhattan stores and distribution center.
Our Grocery & Restaurants Group is advising Fairway. Head of the Group, Scott Moses, was quoted in today’s The Wall Street Journal saying, “This transaction helps to secure those jobs and the legacy of this unique New York City foodie experience, which has been a pillar of our community for generations.”
In discussing the transaction further, Scott told Supermarket News, “Our client, Fairway Markets, has agreed to sell its Manhattan stores and commissary/distribution center to Village Super Markets, a publicly traded member of the Wakefern/ShopRite cooperative, who will be a stalking horse in Fairway’s Chapter 11 filing, which occurred earlier this morning. Fairway’s iconic Manhattan stores include some of the most productive supermarkets in the United States and employ over 1,400 people.” Click below to read the full Supermarket News article.
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. Village Super Market, Inc. operates a chain of supermarkets and specialty markets in the Northeast under the ShopRite and Gourmet Garage banners.