Fairway, Unable to Fend Off Rivals, Files for Bankruptcy
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The grocery store chain went public three years ago with an ambitious expansion plan, but was unable to fend off rivals. CreditKarsten Moran for The New York Times
The parent company of the struggling New York grocery chain Fairway Market filed for bankruptcy on Monday, just three years after taking the company public, after an ambitious expansion plan failed to generate enough sales to pay down the company’s debt.
The grocery store chain has been a destination for gourmands in New York for decades, but it has faced increasing pressure in recent years from fresh-food rivals, like Whole Foods Market and Trader Joe’s. A leveraged buyout of the chain by a private equity firm led to an aggressive store-opening plan that vacuumed up cash and sent the stock company’s stock price plummeting…
Fairway, Unable to Fend Off Rivals, Files for Bankruptcy
