New York's Fairway Grocery Store Chain Just Filed for Bankruptcy

·         by  

·         Reuters 

·         Fortune Editors

 MAY 3, 2016, 5:17 AM EDT

It’s lost money in every quarter since going public in 2013.

Grocery chain operator Fairway Group Holdings Corp, which has lost money in every quarter since it went public in 2013, filed for Chapter 11 bankruptcy on Monday in a New York court.

Fairway  FWM 345.64%  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.

Bloomberg reported last month that Fairway was likely to file for bankruptcy after reaching a deal with its creditors. As part of that deal Fairway would focus on turning around its business without having to close a majority of its stores.

Fairway said in February it needed to raise more capital to stay in business over the long term.

It's carrying a heavy debt load.