BROOKLYN, NY – Bogopa Service Corporation, operator of Food Bazaar Supermarkets, has acquired two Fairway Market locations in Red Hook, Brooklyn and Dougalston, Queens.
Both stores will be rebranded as Food Bazaar Supermarkets, making the banner a 28–store grocer.
“These two new Food Bazaar locations will continue to provide the Douglaston and Red Hook communities with the highest quality and variety of perishables, groceries, and other unique food offerings that our shoppers have come to expect,” said Abel Porter, chief executive officer of Fairway Market. “We are pleased to pass the baton to Food Bazaar, knowing they will welcome our employees to the Bogopa family and will deliver a world-class shopping experience for their customers.”
For the Red Hook store Bogopa will pay $875,000 for inventory and $5,000 for furniture, fixtures and equipment. For the Douglaston store, Bogopa will pay a base price of $100,000 and $800,000 for inventory.
This sale comes after Fairway Markets declared Chapter 11 bankruptcy earlier this year. Other Fairway locations have been previously acquired by Village Super Market Inc., Seven Seas Georgetowne LLC and Amazon.
Fairway Market has four locations still up for sale in Westbury, NY; Plainview, NY; Harlem, NY; and Stamford, Conn. Fairway will close the stores that don’t sell.