Upscale grocery chain Fairway Market, known for its fresh produce and gourmet goodies, has officially filed for Chapter 11 bankruptcy, according to multiple reports.
The restructuring plan will allow Fairway, which has 14 locations in the tristate area, to continue to operate while it tries to regain its financial footing.
According to an earlier Bloomberg report, there is a possibility that the New York City-based chain will shut some of its underperforming sites.
Fairway had launched an ambitious expansion plan around 2007 that had it exploring new markets in New Jersey and Connecticut, according to a report by The New York Times .
Fairway plans to reorganize itself without "interruption" to its business, The New York Times story said.
Later, when faced with stiff competition by outfits like Trader Joe’s and later by discount stores, Fairway tried to put itself up for sale, but was unable to find any buyers, multiple media reports said.
Fairway has grocery stores in Nanuet and Pelham Manor.