Grocery chain operator Fairway, which has lost money in every quarter since it went public in 2013, filed for Chapter 11 bankruptcy protection on Monday in a New York court.
Fairway listed assets in the range of $100 million to $500 million, and liabilities of $100 million to $500 million, according to a court filing
The company has filed for a prepackaged Chapter 11 plan to restructure its debt and is seeking approval for $55 million in debtor in possession credit, it said in a statement.
Fairway, which operates about 15 stores in the New York City area, said it aimed to reduce debt by about $140 million through the restructuring and retain jobs.
The company said it has hired Dennis Stogsdill of turnaround management firm Alvarez & Marsal as chief restructuring officer.