Fairway Market, the New York City grocer that has been a staple on the Upper West Side for nearly a century, is on the verge of filing for bankruptcy — again, the New York Post reported. Known for its quality produce, prepared foods, cheeses and smoked fishes, Fairway is now preparing to seek bankruptcy protection this month after failing to find a buyer for its 14 stores. The chain may even lose its flagship store on Broadway and West 74th Street as competitors, including ShopRite, have toured the store with an interest in acquiring the real estate, sources say. Fairway’s downturn started in 2007 when the Glickberg family sold an 80 percent stake to private equity firm Sterling Investment for $140 million. Four generations of the family had owned and operated a handful of Fairways in NYC, starting with a fruit-and-vegetable stand that opened in 1933. Fairway quickly fell victim to Sterling’s aggressive expansion plan aimed at enticing suburban shoppers, which only served to burden the company with a crushing $300 million in debt. Sterling took Fairway public in 2013 and worked to transform the local city grocer into a national chain with 300 stores, including many in the suburbs.
