Fairway Market Announces Auction Results
NEW YORK - Fairway Market has announced the winning bids for six of its Fairway stores in New York, as well as for a couple of stores in New Jersey. Village Supermarket, a Wakefern member, won five New York stores while Key Food’s Seven Seas Georgetowne won the sixth location. Amazon was a contender for four of those stores, and it looks like the e-tailer was able to snap up two real estate leases. The total sale amounted to $82.5 million.
“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 Abel Porter, Chief Executive Officer at Fairway Market. “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.”
According to a press release, Village's winning bid includes four of Fairway’s Manhattan stores as well as a 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. Amazon’s winning bid is for leases in Paramus and Woodland Park, New Jersey, for a purchase price of $1.5 million.
Fairway Market continues to serve its communities by operating 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 its products.
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