Fairway couldn't take the heat.
The specialty grocer officially filed for bankruptcy protection Monday. It marks the end of an era for niche grocers that thrived as Americans shifted to healthier fare, becoming self-proclaimed foodies in search of the next kale, acai or quinoa to liven up their kitchens.
Fairway's recent downfall is a far cry from the fanfare of 2013, when the Manhattan fruit-and-vegetable stand turned gourmet grocer went public. On its first day of trading, shares of Fairway rose by more than 33 percent on investor excitement about plans to build more than 300 stores around the U.S. By the time Fairway declared bankruptcy, it had only gotten up to 15 locations.
Fairway's slogan, "Like No Other Market" — meaning it claimed to offer hard-to-find specialty gourmet offerings traditional supermarkets don't carry, but at lower prices than other natural-food stores — may have rung true then. But the irony is that Fairway's undoing was caused by the fact that it did become just like every other market.
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