Pursuits
Fairway Group Files for Bankruptcy as Competition Revs Up
- Gourmet grocer lists $387 million in debt, $230 million assets
- Company's shares on Nasdaq fell 96 percent in last 12 months
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Gourmet grocer Fairway Group Holdings Corp. filed for bankruptcy protection after reaching a restructuring deal with creditors.
The retailer, with more than a dozen locations in New York, New Jersey and Connecticut, has been struggling with growing competition from larger chains, including Whole Foods Market Inc., which have been drawing away shoppers looking for organic produce and unfiltered extra-virgin olive oil. The company’s shares have plunged 96 percent in the past 12 months, and it has received delisting warnings from the Nasdaq Stock Market.