Back in July 2011, Fairway Markets opened a store on the Upper East Side. It was the New York-based grocery store chain’s eighth location, and customers were waiting in line when the doors opened to get their favorite grocery items. In 2014, Lake Grove, Long Island welcomed a Fairway Markets to their city–it was the 15th location for the grocery store chain.
Most people thought that Fairway Markets was going to expand the way that Whole Foods did, especially since the public’s desire for quality, gourmet foods has been steadily growing. But now, in 2016, it looks like the Lake Grove location will be the final new Fairway.
The grocery store is dealing with a $267 million debt, and the company is nearing bankruptcy. The stock for Fairway Markets was once $28 per share; now, the going price is about 30 cents. The financial collapse of the business happened extremely quickly, and a former buyer for the grocery store chain calls is “an injustice.”
A number of specialty grocery stores have become fierce competitors of Fairway, especially because the business has lost some of its character. There are no humorous laminated signs to advertise food products, and the flatbreads the store is known for aren’t displayed in tall stacks anymore. Many former employees and affiliates remain hopeful that Fairways Markets will make a comeback. However, industry experts say that the only way to save the grocery store is to close some of its locations.