
the staff of the Ridgewood blog
Paramus NJ, the Fairway supermarket in Paramus and Woodland Park are expected to remain open for now .The struggling New York supermarket chain has emerged from bankruptcy with a reorganization plan that leaves the New York company with less debt, $50 million cash on hand, and new private equity owners.
The company, announced its reorganization plan last month, and was able to negotiate agreements with its lenders to reduce its debt by $140 million and trimmed its annual debt service obligation by up to $8 million.
The reorganization plan, was approved by the bankruptcy court last month, and took effect Sunday. Sterling Investment Partners, the private equity firm that bought the family-owned Fairway chain in 2007, and took the company public, has been replaced by a new group of investment firms.
Fairway currently has 15 stores, and will be closing a store in Lake Grove, on Long Island.
The Paramus Fairway opened in 2009 and the Woodland Park store opened in 2012, both were part of Sterling’s plan to expand into the suburbs , some would suggest over expand and to make Fairway a regional chain.