Despite a bankruptcy filing, grocery chain Fairway Market will keep its Douglaston location and other stores open for business.
Rumors about Fairway Market’s financial perils were correct. The grocery chain filed for Chapter 11 bankruptcy protection on Monday, May 2, in a New York court, reported CNBC. According to reports, Fairway had been losing money every quarter since it went public in 2013.
The Manhattan-based Fairway said in a statement that they have reached an agreement with their senior lenders and they plan to reduce their debt by about $140 million through the restructuring — all the while retaining jobs and maintaining the normal course of business without interruption.
A customer service employee at the Douglaston location (242-02 61st Ave.) said that her manager told employees this morning about the bankruptcy. The staff were assured that their jobs are safe, and the store will remain open.
There are 14 other Fairway locations in New York City, but the Douglaston store is the only one in Queens.