logo
Plus   Neg
Share
Email

Fairway Market Files For Bankruptcy

Fairway Market said Thursday that it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York to complete its strategic sale process.

Fairway Market has reached a stalking horse asset purchase agreement with Village Super Market Inc. (VLGEA) to sell up to 5 New York City Fairway stores and its Distribution Center for approximately $70 million.

In addition, Fairway Market said it will execute a Court supervised sale process to continue to negotiate for the sale of its remaining store locations.

An Ad Hoc Group of the company's senior lenders are supportive of the sale process and have agreed to provide the Company with up to $25 million in debtor in possession financing.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Facebook said it is launching new tools that will help health researchers to track and combat the spread of COVID-19 by using anonymized location data from users. The social media giant said its 'Data for Good' program is developing Disease Prevention Maps that provide details on how population movements around regions are influencing the spread of the disease. Amazon.com decided to donate 8200 laptops, worth more than $2 million, to elementary students in Seattle Public Schools (SPS) to help towards the continuous learning plan during the coronavirus (COVID-19) pandemic. SPS is the largest K-12 school system in Washington State to ensure that each student graduates ready for college, career and life. With classrooms going digital due to the stay-at-home order amid the Covid-19 pandemic, the New York City has banned the use of video conferencing app Zoom to conduct online classes, citing privacy and security concerns. The city's Department of Education in partnership with the NYC Cyber Command took the decision after receiving many reports of "Zoombombing".
RELATED NEWS
Follow RTT
>