Fairway to Sell Two Leases to Amazon
Fairway Market, together with its debtor affiliates in their Chapter 11 cases, has announced winning bids for six Fairway stores. It will also sell the leases in Paramus and Woodland Park, NJ, to Amazon for a purchase price of $1.5 million.
This includes five New York stores to Village Supermarket, Inc., a Wakefern member, and one store to Seven Seas Georgetowne, LLC, a Key Food member. Village's winning bid includes four of Fairway's Manhattan stores as well as Fairway's production and distribution center for a purchase price of approximately $76 million. Seven Seas' winning bid is for the Georgetowne store in Brooklyn for a purchase price of approximately $5 million.
Fairway Market continues to operate all of its stores, including stores not sold during the court-supervised auction, and intends to do so for the foreseeable future to accommodate the current public need for our products.
"We are pleased with the outcome of the auction and are grateful for our dedicated and hard-working employees, suppliers and distributors during this process which has taken place in these unprecedented times," said CEO Abel Porter. "Serving our community has always been our top priority and we remain committed to providing quality items and a safe shopping environment for our customers and our employees during this global health crisis."
Fairway Market's legal counsel is Weil, Gotshal & Manges, LLP, its M&A investment banker is PJ Solomon and its financial advisor is Mackinac Partners.The Ad Hoc Group of senior lenders is represented by King & Spalding, LLP.