The DNAinfo archives brought to you by WNYC.
Read the press release here.

Fairway Market Faces Bankruptcy After 'Significant Losses,' Report Says

By Nikhita Venugopal | February 9, 2016 12:10pm | Updated on February 10, 2016 9:33pm
 Fairway Market at 480-500 Van Brunt St. in Red Hook, Brooklyn.
Fairway Market at 480-500 Van Brunt St. in Red Hook, Brooklyn.
View Full Caption

NEW YORK CITY — Fairway Market is struggling to maintain its stores as the company faces "significant losses" and must improve financially if it is to stay afloat, according to reports and a quarterly filing.

The net losses for Fairway Group Holdings Corp. were listed at $35.7 million in the quarter that ended Dec. 27, 2015, the New York Post reported. 

Fairway, which has seven stores in New York City, "continues to experience significant losses resulting from lower than expected operating performance," the filing said. 

According to the Wall Street Journal, Fairway had net sales of $191.7 million and a net loss of $9.7 million in 2015, down from $206.2 million in sales and a loss of $11.1 million from the previous year.

Fierce competition from stores like Whole Foods and Trader Joe's, as well as Stop & Shop, Shop Rite, Target and WalMart, have affected Fairway's operations, the filing said.

"Due to the increasingly competitive environment in which we operate, our operating results have been, and in the future may be, negatively impacted through a loss of sales, reduction in margin from competitive price changes, and/or greater operating costs such as marketing," the filing said.