NY grocer Fairway files for bankruptcy protection, will close some stores [MSNBC.com]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
NASDAQ:AMEX Investor Relations:
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Source: MSNBC.com
New York-based grocery chain Fairway Market has filed for Chapter 11 bankruptcy protection The company said Thursday morning that ShopRite and Gourmet Garage owner Village Super Market The announcement came just hours after Fairway denied Fairway first filed for Chapter 11 bankruptcy protection in 2016, three years after its IPO. The grocery chain took on too much debt and expanded too quickly, and it has also been unable to fend off rival grocery chains As chains such as Amazon Fairway said Thursday that in court procedures it will continue to negotiate with buyers over its remaining locations in the New York area. It said it will receive as much as $25 million in debtor-in-possession financing to be able to continue "to conduct business and serve customers at its stores across the tri-state area" and anticipates that all existing customer promotional and loyalty programs will remain in place. "After careful consideration of all alternatives, we have concluded that a Court-supervised
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