NEW YORK - The New York-based grocery store chain Fairway Market is denying reports that it plans to file for bankruptcy and liquidate all its stores.
The New York Post reported on late Tuesday that the company is set to file for a Chapter 7 bankruptcy and shut down its supermarkets in New Jersey, Connecticut, and New York—including its flagship store on the Upper West Side.
But Fairway fired back on Wednesday with a statement posted on its website and on social media.
"Despite reports, Fairway Market has no intention to file for chapter 7 or liquidate all of its stores," the company said. "All 14 stores remain open for business, offering a complete range of high quality, specialty food products, and we look forward to seeing our customers and employees."
That isn't the end of the issue, though.
The Post reported on Wednesday that the company offered more details than what appears in its online statements.
"Fairway has been engaged in a strategic process and expects to soon announce a value maximizing transaction that will provide for the ongoing operations of stores," a company spokesperson said in a statement sent to the Post. "Our lenders remain extremely supportive of our efforts."
Facing rising competition from grocery-delivery services, such as FreshDirect, and other chains, such as Trader Joe's and Whole Foods, Fairway filed for Chapter 11 bankruptcy protection in 2016 and reorganized its finances.
In 2012, the storm surge from Superstorm Sandy flooded the Red Hook section of Brooklyn, causing massive damage to Fairway's location there. The store reopened about four months later.