Fairway Market Announces Auction Results

Fairway Declares Successful Bids For 6 Going-Concern Stores, Distribution Center, And Two Leases In Court Supervised Auction Process
MADISON, Wis. - April 8, 2020 - PRLog -- Fairway Market, together with its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York (Case No. 20-10161) has announced winning bids for 6 Fairway stores on a going concern basis (five New York stores to Village Supermarket, Inc., a Wakefern member, and one store to Seven Seas Georgetowne, LLC, a Key Food member) and the sale of two real estate leases to Amazon Retail LLC.

Village's winning bid includes four of Fairway's Manhattan stores as well as Fairway's production and distribution center for a purchase price of approximately $76 million.  Seven Seas' winning bid is for the Georgetowne store in Brooklyn for a purchase price of approximately $5 million.  Amazon's winning bid is for the leases in Paramus and Woodland Park in New Jersey for a purchase price of $1.5 million.

Fairway Market continues to serve its communities by operating all of its stores, including stores not sold during the Court-supervised auction, and intends to do so for the foreseeable future to accommodate the current public need for our products.

"We are pleased with the outcome of the auction and are grateful for our dedicated and hard-working employees, suppliers and distributors during this process which has taken place in these unprecedented times," said Abel Porter, Chief Executive Officer at Fairway Market. "Serving our community has always been our top priority and we remain committed to providing quality items and a safe shopping environment for our customers and our employees during this global health crisis."

Fairway Market is a unique food retailer offering customers a differentiated one-stop shopping experience as "The Place To Go Fooding."  Fairway has established itself as a leading food retail destination in the greater New York City metropolitan area. Fairway offers an extensive selection of fresh, natural and organic products, prepared foods and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries.

Fairway Market's legal counsel is Weil, Gotshal & Manges, LLP, its M&A investment banker is PJ Solomon and its financial advisor is Mackinac Partners.

The Ad Hoc Group of senior lenders is represented by King & Spalding, LLP.

For more information about Fairway Mortgage, please visit: www.fairway-newengland.com

Original Reference: https://www.prnewswire.com/news-releases/fairway-market-a...

Fairway Independent Mortgage Corporation
Betsy Boggia
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Location:Madison - Wisconsin - United States
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