Fairway Market Announces Qualified Overbid From Bogopa Enterprises, Inc. For Sale Of Assets
NEW YORK CITY, NY - Family-owned Bogopa Enterprises’ grocery operations just saw significant growth in a bid for six Fairway stores, as well as a distribution center. The latter, together with its debtor affiliates in their Chapter 11 cases, said that the buyer submitted a "qualified overbid" of $75 million for all seven assets.
"We would like to extend gratitude to our employees, vendors, distributors and customers for their continued support, dedication, and loyalty during this process. Fairway's store performance has generated significant interest in our stores. We look forward to a robust auction," said Abel Porter, Chief Executive Officer at Fairway Market.
As we reported previously, Fairway announced its intent to sell last September. At the end of January, ShopRite-owned Village Super Market bid $70 million for five of Fairway Market’s New York supermarkets and one of its distribution centers.
Bogopa has operated grocery stores in the New York area for 32 years, and currently operates 26 supermarkets under the "Food Bazaar" banner in New York City, New Jersey, Long Island, Connecticut, and Westchester, according to a press release. This seems a good fit for the Fairway Market locations, which are known for a unique strategy and an established reputation as a food destination in New York’s greater metropolitan area.
Fairway noted in the announcement that it has also received competitive bids for various other stores that are being evaluated, but did not say if there is any interest in taking over the banner in its entirety. An auction will be held on March 16, 2020, pursuant to the court-supervised sale process.
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