Fairway's Bankruptcy Doesn't Mean the End of Red Hook's Beloved Grocery Store

The rumors are all true. Fairway Market — the beloved gourmet grocery chain — filed for bankruptcy earlier this week. But before you panic at the thought of supermarket Armageddon, know that the company’s financial troubles shouldn’t affect your experience in the aisles.

In fact, Fairway told Crain’s that all 15 locations will stay in operation and that grocery buyers won’t even notice a difference… yet.

“Fairway can survive, but they need to do things differently, starting with making the stores easier to shop in,” financial advisor Peter Schaeffer told Crain’s. Schaeffer, a partner at financial firm GlassRatner, predicted that the company would file for bankruptcy years ago.

No one in the finance world is surprised by the bankruptcy with many agreeing that it’s a smart financial decision for Fairway, which hopes to reduce its debt in the face of increased competition from the likes of Whole Foods, Trader Joe’s and the specter of the much-anticipated Navy Yard Wegmans, according to Crain’s.

Longtime readers will remember all the way back to 2006 when Fairway’s 52,000-square-foot Red Hook location opened to much fanfare. After Hurricane Sandy wreaked havoc on the building in 2012, it took five months and $10 million to get the grocery up and running again.

With more and more grocery store closures throughout Brooklyn, don’t be surprised if the Fairway bankruptcy news puts your neighbors on edge. But now you can reassure them that Fairway’s excellent olive bar and cheese selection are here for the foreseeable future.

[Source: Crain’s]

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