Fairway planning to file for Chapter 7 bankruptcy, close all its stores: report

The liquidation could be announced as soon as Wednesday

New York City grocer Fairway Market is getting ready to shutdown.

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The chain  is planning to file for a Chapter 7 bankruptcy, which means the grocery chain will cease operations and close all 14 of its stores, according to the New York Post.

The company has gone down this road before, reorganizing under Chapter 11 in 2016.

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The liquidation could be announced as soon as Wednesday, according to the Post.

There have been reports that owner of the ShopRite chain has expressed interesting in acquiring some of the stores and keeping the name alive.

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The Post reported at the start of the year that Fairway was looking at bankruptcy protection.

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Buyers have reportedly been scared off by the chain's $174 million debt and expensive leases.