New York City supermarket Fairway, an icon of the Upper West Side of Manhattan, known for its meats, cheeses and smoked fish, in addition to its branded black & white cookies, has filed for bankruptcy. The grocer's downfall can be traced to a 2007 sale of the company from the founding Glickberg family to private equity firm Sterling Investment Partners, and a recent expansion from its flagship on 74th street and Broadway across the tri-state area.

Sterling Partners listed Fairway on the Nasdaq at a $536 million valuation three years ago, raising$177 million for a nationwide expansion. However, Fairway struggled on public markets, saddled with hundreds of millions of dollars in debt and rising competition in its New York City backyard from the likes of Trader Joe's , Whole Foods, West Side Market, and Eataly.

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