Fairway Group Holdings Corp. Announces Management Changes and Promotions

   Fairway Group Holdings Corp. Announces Management Changes and Promotions

PR Newswire

NEW YORK, Feb. 6, 2014

NEW YORK, Feb. 6, 2014 /PRNewswire/ --Fairway Group Holdings Corp.
("Fairway") (NASDAQ: FWM) announced today that Chief Executive Officer Herbert
Ruetsch will retire after fifteen years with the company, including the last
two years as Chief Executive Officer. Mr. Ruetsch will remain a special
advisor to the company and continue to provide input into certain
merchandising and product initiatives. Mr. William Sanford, President of
Fairway, will assume the role of Fairway's Interim Chief Executive Officer.

Charles Santoro, Executive Chairman of Fairway, stated, "Herb Ruetsch has
helped lead Fairway through a major transformation from a small family
business into an iconic, growing specialty food retailer serving some 20
million customer visits annually in the tri-state area. All of us at Fairway
would like to thank Herb for his many contributions to our success."

He added that, "Bill Sanford, our Interim Chief Executive Officer, brings
continuity, strong leadership and organizational skills, and has also played a
very important role in Fairway's growth, development and success over his last
five years at Fairway, including his previous roles as Chief Financial Officer
and most recently as President."

Fairway also announced the promotions of Kevin McDonnell to Co-President and
Chief Operating Officer and Edward Arditte to Co-President and Chief Financial
Officer.

Mr. Santoro continued, "Kevin and Ed work very closely together and these
promotions are designed to bolster and enhance operations and productivity
initiatives as Fairway prepares to roll out its production center and
important new store openings later this calendar year. Kevin has worked at
Fairway for the past six years and has more than 30 years of experience in
food retailing. Kevin will be responsible for all merchandising and store
operations and Ed will assume responsibility for all other corporate
functions. We believe that our senior leadership team is extraordinarily
strong, focused and determined and that these changes help take us to the next
level in our organization's growth and in enhancing our ability to execute to
very demanding goals."

Fairway's Board of Directors will commence a Chief Executive Officer search
shortly, and will consider qualified individuals, both inside and outside of
Fairway, who possess the leadership, merchandising and organizational skills
complementary to our long term goals and opportunities.

About Messrs. Sanford, McDonnell and Arditte

William E. Sanford has served as Fairway's President since April 2012. He
joined the company in October 2008 as Chief Administrative Officer and served
as Chief Financial Officer from September 2011 to December 2012. From 1998 to
June 2008, he held various senior positions, including Chief Financial
Officer, President and Chief Operating Officer with Interline Brands, Inc., a
New York Stock Exchange listed company. He has over 25 years of experience in
the wholesale distribution field, having also held senior positions with
Airgas and MSC Industrial Direct.

Kevin B. McDonnell has served as Fairway's Senior Vice President—Chief
Operating Officer since April 2012. Prior to this, he was Chief Merchandising
Officer from August 2007 to April 2012. Previously, he served in various
capacities at The Great Atlantic & Pacific Tea Company for over 27 years, most
recently as Senior Vice President of Sales and Merchandising.

Edward C. Arditte has served as Executive Vice President and Chief Financial
Officer of Fairway since December 2012. He has over 25 years of finance and
operating experience with large, multi-industry companies including Tyco
International Ltd., where he served from May 2003 to May 2010 as a Senior Vice
President with responsibility for strategy, investor relations and
communications. Immediately prior to joining Tyco International, he served as
the Chief Financial Officer of BancBoston Capital. He also spent 16 years at
Textron Inc., where he served in a variety of management roles including Vice
President & Treasurer and Chief Financial Officer of a major operating
division.

About Fairway Market
Fairway Market is a high-growth food retailer offering customers a
differentiated one-stop shopping experience "Like No Other Market"®. Fairway
has established itself as a leading food retailing destination in the Greater
New York City metropolitan area, with stores that emphasize 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 is headquartered in New York, New York. For
more information, please visit Fairway's website at www.fairwaymarket.com.

Forward-Looking Statements
Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involving known and unknown risks and uncertainties and other
factors that may cause Fairway's actual results in current or future periods
to differ materially from forecasted results. Food retail is a large and
highly competitive industry, and Fairway's business involves many risks and
uncertainties, including, but not limited to: our ability to open new stores
on a timely basis or at all; our ability to achieve sustained sales and
profitable operating margins at new stores; the availability of financing to
pursue our new store openings on satisfactory terms or at all; our ability to
compete effectively with other retailers; our ability to maintain price
competitiveness; the geographic concentration of our stores; our ability to
maintain or improve our operating margins; our history of net losses; ordering
errors or product supply disruptions in the delivery of perishable products;
restrictions on our use of the Fairway name other than on the East Coast and
in California and certain parts of Michigan and Ohio; our ability to retain
and attract senior management, key employees and qualified store-level
employees; rising costs of providing employee benefits, including increased
healthcare costs and pension contributions due to unfunded pension
liabilities; our ability to satisfy our ongoing capital needs and
unanticipated cash requirements; and other risk factors detailed in our
filings with the Securities and Exchange Commission ("SEC"), and available at
the SEC's website at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements herein and are
cautioned not to place undue reliance on such forward-looking statements,
which are qualified in their entirety by this cautionary statement. The
forward-looking statements made herein speak only as of the date of this press
release and the company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.

SOURCE Fairway Market

Website: http://www.fairwaymarket.com
Contact: DKC Public Relations, Bruce Bobbins, (212) 981-5190 (office), (908)
586-5742 (cell), Bruce_bobbins@dkcnews.com
 
Press spacebar to pause and continue. Press esc to stop.