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SLB

FAIRWAY!!!

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The NY Post is not the most credible source... and Fairway themself seems to be denying it.  This is not the whole story.  I'll be sad if they go belly up, but I'm not sure that the epitaph is chiseled in stone yet.


Christopher D. Holst aka "cdh"

Learn to brew beer with my eGCI course

Chris Holst, Attorney-at-Lunch

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Just to document that last claim of mi2020-01-22.thumb.png.c6ef61169aaea5b79ca2039529435538.pngne, here's the denial I'm talking about. Doesn't say they're not thinking bankruptcy, but does say Chapter 7 isn't on their mind. 


Edited by cdh (log)

Christopher D. Holst aka "cdh"

Learn to brew beer with my eGCI course

Chris Holst, Attorney-at-Lunch

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interesting... I had heard about the Chapter 7 also, and is a shame since they are my local grocery store and I probably shop there the most.  I read one article that brought up how the parent company of ShopRite had been interested in buying them a while ago, but no one knows what happened to that

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I just checked - fairwaymarket.com has the same denial of both the Chapter 7 and closing of stores

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The day will be here soon. No more local stores or traditional supermarkets.

 

Amazon will takeover all food and grocery shopping.

 

dcarch

 

 

 

 

 

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Hmm.  While the Post has a, uh, range which differs from the NY broadsheet rag, I'm not sure it's actually less credible.  

 

I appreciate Fairway's statement; but Fairway would not be the first company -- or person -- to protest: I know it looks like it, but I'm not broke, not at ALL! 

 

I mean, I used to do it all the time, myself.

 

But, fingers crossed for fake news.


Edited by SLB (log)

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7 hours ago, dcarch said:

The day will be here soon. No more local stores or traditional supermarkets.

 

Amazon will takeover all food and grocery shopping.

 

dcarch

 

 

And this is a bad thing?

 

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13 hours ago, cdh said:

I'm confused. Its says they will close 5 out of 14.

 

Then it names 5 stores that will remain open, all of which are in Manhattan.

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Yes... I misread that.  The "5 will close, here's 5 remaining open" structure was confusing.  And I had the preconceived notion that they were going to use the Chap 11 to get out of onerous leases... 


Christopher D. Holst aka "cdh"

Learn to brew beer with my eGCI course

Chris Holst, Attorney-at-Lunch

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The latest is that the 5 stores (all in Manhattan) and the Bronx distributer are in negotiations to be bought.  Afterwards, the plan is for the new owners to keep the Fairway name on those stores and stay in business.

The other stores (like mine in Red Hook, Brooklyn) are, for now, staying open with the current owners, who are shopping them around for buyers.  The current owners are saying that this is temporary and that they cannot afford to keep them open themselves for long.

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Here's the financial history behind the bankruptcy.

 

Quote

Upscale and idiosyncratic, with its humble roots still evident, Fairway is emblematic of the city in which it has become a storied institution. But, fatefully, it is also emblematic of the way private-equity investors—including Fairway’s former owner Sterling Investment Partners—have hastened the fall of brick-and-mortar stores caught in the so-called retail apocalypse.

 


Gene Weingarten, writing in the Washington Post about online news stories and the accompanying readers' comments: "I basically like 'comments,' though they can seem a little jarring: spit-flecked rants that are appended to a product that at least tries for a measure of objectivity and dignity. It's as though when you order a sirloin steak, it comes with a side of maggots."

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When families sell to private equity it is nearly guaranteed that their business will either fail or change for the worse.

 

I don't begrudge them for selling. It's a business after all and they should take the best offer.

 

But I do tire of PE ruining a good business because they don't want to actually run it and maintain quality.

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