Fairway Stores continues to make sales of its assets, this time with family-owned Bogopa Enterprises. The New York area business, which currently operates 26 supermarkets under the "Food Bazaar" banner in New York City, New Jersey, Long Island, Connecticut, and Westchester, submitted a "qualified overbid" for six Fairway stores and one distribution center.
"We would like to extend gratitude to our employees, vendors, distributors and customers for their continued support, dedication, and loyalty during this process. Fairway's store performance has generated significant interest in our stores. We look forward to a robust auction," said Abel Porter, Chief Executive Officer at Fairway Market.
Fairway said in a press release that it is working together with its debtor affiliates on Chapter 11 cases, noting Bogopa's bid of $75 million for all seven assets. The buyer has been open for 32 years, with a style that seems to match Fairway’s well-known reputation of strong offerings and being a food destination for New York residents and visitors.
The retailer continues to move forward with the sale it announced last September, with an auction slated for March 16, pursuant to the court-supervised sale process.
Already Fairway made a similar sale at the end of January to ShopRite-owned Village Super Market, which bid on five of Fairway Market’s New York supermarkets and one of its distribution centers for $70 million
While it was not stated if anyone has come forward with interest of buying the banner in its entirety, Fairway noted in the announcement that it has also received competitive bids for various other stores that are being evaluated.
As this story continues to develop, Deli Market News will ensure you know the latest.