As of Monday (but predicted long before), Fairway Market has officially filed for bankruptcy after losing $300 million in five years and accumulating $267 million in debt. According to a statement released by the company, they have a plan underway to restructure debt while keeping all 15 stores in operation and continuing to pay wages, benefits and other obligations.
Fairway CEO Jack Murphy is publicly optimistic, stressing that the bankruptcy deal is the grocery chain’s best opportunity to continue operating and survive the recent turmoil more or less intact. Indeed, the news that all stores will remain open comes as some surprise, since initial reports predicted that at least the poorer performing branches would be forced to close.
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