Paramus Fairway Market May Close: Report

PARAMUS, NJ — New York City-based supermarket chain Fairway Market is approaching another bout with bankruptcy, according to reports.

The company may be forced to declare bankruptcy, which could result in the closure of its 14 stores, including the Paramus location, the New York Post reported.

Sources with information on the company's financial situation told the Post "this could be a liquidation instead of a reorganization."

The Post reported that Fairway is "quietly closing" stores and recently its Nanuet, NY location in September 2019. Sources claim its two New Jersey stores - Paramus and Woodland Park - are likely next, the report said.

See More: Fairway Market Closing In Nanuet

A spokesperson for Fairway Market did not immediately return Patch's request for comment on Wednesday morning.

Read More: Fairway Approaching Bankruptcy, Report Says

Fairway Market began nearly 100 years ago as a small produce stand on Manhattan's Upper West Side and has since grown to a 14-store network.. There are eight stores in New York City, two on Long Island, one in Westchester County, NY, two in New Jersey and one in Connecticut.

The founders of the business, the Glickberg family, ran the store for four generations before selling it to private equity.

Fairway's Upper West Side flagship location on Broadway and West 74th Street has recently drawn interest from competing supermarket brands interested in buying up the real estate, the Post reported.

At one point, Fairway's owners planned to open as many as 300 stores nationwide. The expansion plan was enacted when a majority of the company was acquired by private equity firm Sterling Investment, which later took the company public.

This isn't Fairway's first brush with bankruptcy. The company was able to dig itself out of Chapter 11 proceedings in 2016 by borrowing money in exchange for equity. The reorganization shifted ownership of Fairway from Sterling Investment Partners to a consortium led by Blackstone's GSO Capital Partners.

Read the full New York Post article here.

Patch editors Brendan Krisel and Lanning Taliaferro contributed to this report.