Fairway Group Holdings Corp. Appoints General Robert Magnus, USMC (ret) to
Board of Directors
NEW YORK, Feb. 6, 2014
NEW YORK, Feb. 6,2014 /PRNewswire/ --Fairway Group Holdings Corp.
(''Fairway") (NASDAQ: FWM) announced today that General Robert Magnus has
been appointed to the company's Board of Directors. General Magnus will be
the third independent director on the Board and will serve on both the Audit
Committee and the Compensation Committee.
General Magnus retired in 2008 from the United State Marine Corps after a
39-year career. His position prior to retirement was the 30^th Assistant
Commandant of the Marine Corps, where he was the second senior officer for
230,000 Marines and Sailors and 20,000 civilian employees. Earlier, he served
from 2001 to 2005 as Deputy Commandant (Programs and Resources), where he
directed the Marine Corps' planning and execution of manpower, equipment,
infrastructure and readiness requirements.
"We are delighted to have General Magnus join Fairway's Board of Directors,"
said Charles Santoro, Fairway's Executive Chairman. "Over his many years of
service to our country, he has held important and diverse management roles in
the Marine Corps in areas such as strategy and operations. He also has
extensive experience in logistics and planning, areas where his input will be
invaluable to Fairway."
General Magnus serves on the Board of Directors of Agusta Westland NA,
Enersys, and Elbit Systems of America, where he serves as Board Chairman. In
addition to his military training and education, he has a BA degree from the
University of Virginia and a MS degree from Strayer College.
He joins Stephen L. Key, who was formerly an Executive Vice President and
Chief Financial Officer at both Textron Inc and ConAgra, Inc., and Farid
Suleman, the former President and Chief Executive Officer of Citadel
Broadcasting Corporation, as independent directors on the Fairway Group
Holdings Board of Directors.
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, visit Fairway's website at www.fairwaymarket.com.
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 Group Holdings Corp.
Contact: DKC Public Relations, Bruce Bobbins, (212) 981-5190 (office), (908)
586-5742 (cell), Bruce_bobbins@dkcnews.com
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