NEW YORK - Fairway Market says they are staying open for business and have no intention of filing for bankruptcy.
In a tweet, the popular grocery chain denied a published report that it is planning to file chapter 7 bankruptcy and close all 14 of its locations including their flagship store at Broadway and West 74th Street on Manhattan's Upper West Side.
The Fairway brand dates back to 1933. It has since offered affordable produce and groceries to New Yorkers.
The brand is now plagued with $174 million of debt and expensive leases, including $6 million in rent on its flagship store.
Fariway filed for Chapter 11 in 2016 after consistently losing money after it had gone public three years prior.
Its financial struggles can largely be traced to 2007 when the founding Glickberg family sold an 80 percent stake to a private equity firm, Sterling Capital.
It had been in the family since its founding as a fruit and vegetable stand in 1933.
The massive pile of debt has made some prospective buyers reconsider taking over.
ShopRite owners Village Super Market have reportedly expressed interest in acquiring some of the stores.