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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.

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