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Food Bazaar–Fairway Deal Gets Court OK

$2.4M deal edges Key Food bid. The operator of the multiethnic superstore chain Food Bazaar will take over Fairway units in Brooklyn and Queens.

Jon Springer, Executive Editor

July 28, 2020

1 Min Read
Food Bazaar
Food BazaarWGB Staff photo

Bogopa Service Corp.’s bid to acquire two Fairway Market stores was approved by the judge overseeing Fairway Group Holdings’ Chapter 11 bankruptcy case this week.

Bogopa, the Queens, N.Y.-based operator of the Food Bazaar banner, intends to convert the Fairway stores in the Douglaston neighborhood in Queens and the Red Hook neighborhood in Brooklyn to its own banner.

The bid, which according to court records totaled $2.43 million and consisted primarily of equipment and inventory at the still-open stores, survived a late-arriving competing bid submitted by Seven Seas, an independent supermarket operator associated with the Key Food Stores Cooperative. Seven Seas earlier this year successfully acquired Fairway’s Georgetown, Brooklyn, store and is operating it now under the Foodway banner.

Seven Seas in court papers said it was willing to pay $4.2 million for the two stores but the Bogopa offer was deemed “highest and best.”

Food Bazaar is known for high-volume stores featuring assortments of hard-to-find ethnic foods and massive fresh food departments. It operates 28 stores in and around metro New York.

Fairway’s representatives are still at work finding potential buyers for Fairway stores in Harlem, N.Y., Westbury, N.Y., and Stamford, Conn. The retailer ceased operations at all three locations recently. Fairway filed for Chapter 11 protection in January with intentions of selling itself to raise money to pay creditors. Five of its best-performing stores and the brand name were acquired earlier this year by Village Super Market, the Springfield, N.J.-based ShopRite operator. Bogopa was the runner-up for those assets.

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About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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