By Mark Hallum
It will still be business as usual for Fairway Market after the company filed for Chapter 11 bankruptcy Monday. According to the grocery store chain’s corporate office, all stores are to remain open, including the location in Douglaston.
The natural grocery store chain has been centered in New York for over 80 years. CEO Jack Murphy said that filing was best the best option for the publicly traded company to retain jobs and keep stores operating without interruption while they balance the books.
The company’s Joint Prepackaged Chapter 11 Plan of Reorganization will ensure that all employees, suppliers, unions and trade creditors will receive any payments they are owed while finances are brought under control, according to a press release issued by the company.
“We believe that implementing this Prepackaged Plan is the best opportunity for Fairway to restructure its balance sheet on an expedited basis, strengthen its operations, retain jobs and create long-term value, while continuing to provide customers with the best food experience in the greater New York area,” Murphy said.
Fairway has 14 locations in New York City as well as others in New Jersey and Connecticut, but the Douglaston store is the only one in Queens.
Reach reporter Mark Hallum by e-mail at mhall