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, has announced what is called 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.
Fairway Market's M&A investment banker is Scott Moses of PJ Solomon.