Fairway to Open First Store Since Emerging from Bankruptcy
NEW YORK, NY – It seems as though Fairway is making huge steps into re-entering the market admist its latest legal standing. Fairway has chosen Brooklyn, NY, as the site of its first new store since declaring, and later being cleared of, bankruptcy.
Building on its announcement last year that the company signed a 20-year lease for the location, Crain’s New York reported that the stores will span 40,000-square-feet inside the Georgetown Shopping Center.
The store, projected to open by the end of the year, will be the first location opened by Fairway since it emerged from bankruptcy after being cleared by the U.S. Bankruptcy Court, and the store’s 14th operational location. The store will also be Fairway's second in Brooklyn, with another 10-year-old location in Red Hook.
Crain’s New York stated that the company’s bankruptcy status has forced Fairway into a concentrated focus on the New York area, rather than its previous goals of national expansion.
Fairway’s presence in the shopping center has also reportedly helped attract new leaseholders to the area, also. Carter’s, Oshkosh, and Five Below have all become new leasers in the plaza since Fairway's signing, with expectations to open by November. Fairway’s location will reside in the spot formerly held by a Waldbaum’s supermarket.
Will this location mark the beginnings of a strong comeback for the chain? AndNowUKnow will continue to report as the announcements roll in.