Fairway Market Announces Qualified Overbid From Bogopa Enterprises, Inc. For Sale Of Assets

NEW YORK, March 11, 2020 /PRNewswire/ -- Fairway Market, together with its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York (Case No. 20-10161) has announced a "qualified overbid" by Bogopa Enterprises, Inc. for 6 Fairway stores and its Distribution Center, for $75 million.  Bogopa is a family-owned business that 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.

An auction will be held on March 16, 2020, pursuant to the Court-supervised sale process.

Fairway has also received competitive bids for various other stores that are being evaluated.

"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.

Fairway Market is a unique food retailer offering customers a differentiated one-stop shopping experience as "The Place To Go Fooding."  Fairway has established itself as a leading food retail destination in the greater New York City metropolitan area, recently expanding with the opening of The Cooking Place in June 2019, a cooking school that brings the same passion and philosophy about fooding to its customers. Fairway offers an extensive selection of fresh, natural and organic products, prepared foods and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries.

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.

For more information about Fairway Market's Court-supervised sale process, please visit: www.omniagentsolutions.com/fairway

SOURCE Fairway Market