With only 12 stores, Fairway Foods is so small it can scarcely be called a regional supermarket chain, but that didn’t stop the company from completing a successful public stock offering on Wednesday.
Shares of Fairway Group Holdings were priced at $13 and after the first day of trading closed at $17.35. Fairway’s sales for the most recent fiscal year were $555 million and the company reported a loss of $11.9 million. However, the company’s stores have a loyal following with 12.7 million transactions conducted during the most recent fiscal year and sales per square foot of nearly $1,900.
Proceeds from the IPO will be used to fund expansion of a 60,000-sq.-ft. suburban format and a 40,000-sq.-ft. urban format.
"From our humble beginnings in 1933 as a small vegetable and fruit stand on a New York City corner, Fairway has developed into a leading food retailing destination in the greater New York City metropolitan area," said Fairw