NEW YORK CITY — The owners of Fairway Market have emerged from bankruptcy declaring that none of the city's stores will be closed.
The news, which was first reported by Crain’s New York Business, is good news for the supermarkets customers.
The seven in the city will remain open, according to Crain's.
A new store is also being planned for Brooklyn later this year, according to Crain’s.
A spokesperson for the company did not return a request for comment.
Crain’s also reported that the company will have a new board of directors, which includes a former Whole Foods senior executive and the president of drug store retailer Rite Aid.
The company began more than 80 years ago as a fruit and vegetable stand on the corner of 74th Street and Broadway.
In a June news release, the company said it had roughly $50 million in cash on hand, it had reduced its debt by $140 million and cut its annual debt service obligations by up to $8 million.
"Thank you to all the customers who have continued to support Fairway. Our stores are open and stronger than ever," said Jack Murphy, the company’s chief executive officer, in the June news release.