Fairway Group, the grocery chain that began on the Upper West Side, has filed for bankruptcy protection and says it was come up with a restructuring plan with its creditors. The company says the bankruptcy won’t affect operations at its stores.
“The Company expects no interruptions to customer service throughout the process. Consumers can continue to purchase Fairway’s products at one of their 15 stores, 4 Wine and Spirits stores or Manhattan residents can shop online at https://shop.fairwaymarket.com/.”
It’s not clear if the company will be able to keep all of its stores in the long run — several observers have noted that Fairway appears to have expanded too quickly — but the store on 74th street is probably in a better position than the others. “It seems likely the Upper West Side stores will survive because the properties are controlled by a partnership partially owned by Howard Glickberg, while other locations are leased from other landlords,” Crain’s reported. Glickberg is the company’s vice chairman and the grandson of Fairway’s founder. Fairway started as a fruit and vegetable stand on 74th and Broadway in 1933.
As Bloomberg notes, Fairway hasn’t reported a profit since it went public in 2013.
Photo by Patrick Rasenberg.