SPRINGFIELD, N.J., March 31, 2020 (GLOBE NEWSWIRE) -- On March 25, 2020, Village Super Market, Inc. (“Village” or the “Company”) entered into a revised Asset Purchase Agreement (“APA”) with Fairway Group Holdings Corp. and certain of its subsidiaries (“Fairway”) to acquire certain assets, including five supermarkets, a production distribution center (the “PDC”) and the intellectual property of Fairway, including the names “Fairway” and “Fairway Markets.” Four of the supermarkets are in Manhattan, specifically the Upper West Side, Upper East Side, Kips Bay and Chelsea locations, and a fifth store is located in Pelham, NY. Village has agreed to pay $76.0 million for the Fairway assets, subject to closing adjustments set forth in the APA, and to assume certain liabilities, consisting primarily of those arising from acquired leases. Village’s cash purchase price will be reduced by a $2.1 million credit arising from the breakup of Village’s initial “stalking horse” bid. The acquisition is subject to the approval of the United States Bankruptcy Court for the Southern District of New York at a hearing currently scheduled for April 14, 2020 and other closing conditions set forth in the APA.
VILLAGE SUPER MARKET, INC. NAMED A SUCCESSFUL BIDDER IN THE BANKRUPTCY AUCTION TO ACQUIRE CERTAIN ASSETS OF FAIRWAY
Mar 31, 2020
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