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Fairway Market Announces Auction Results

Fairway Market Announces Auction Results


NEW YORK
Friday, March 27th, 2020

Over the last couple of months news hit the industry that a couple of key retail players were eyeing Fairway Markets locations as possible store acquisitions. Now, after a recent auction, Amazon, Village Supermarket (a Wakefern member), and Key Food’s Seven Seas each nabbed a store or two in a sale amounting to $82.5 million.

Abel Porter, Chief Executive Officer, Fairway Market“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.”

According to a press release, Fairway Market has announced the winning bids for six of its Fairway stores in New York, as well as for a couple of stores in New Jersey. Village Supermarket, a Wakefern member, won five New York stores, including four of Fairway’s Manhattan stores as well as a production and distribution center for a purchase price of approximately $76 million.

Fairway Market has announced the winning bids for stores in New York and New Jersey, with Village Supermarket snapping up five, Key Food’s Seven Seas Georgetowne nabbing one, and Amazon claiming two real estate leases

Key Food’s Seven Seas won the sixth New York location on the auction block. The grocer's winning bid was for the Georgetowne store in Brooklyn for a purchase price of approximately $5 million

Amazon was the last contender, having placed a bid for four of the above-mentioned stores. Following the auction, the e-tailer was able to snap up two real estate leases in Paramus and Woodland Park, 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 its products.

Deli Market News will continue to stay on top of the latest grocery retail news.

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