A very tough business. "In November Moody’s estimated a lease-adjusted debt-to-EBITDA ratio of more than 15 times over the coming 12 months 'as top-line growth is expected to remain elusive due to the highly competitive pricing and business environment.'" google.com/amp/s/www.wins…
This from an old pre bankruptcy s-1 gives a sense of what Fairway Market margins are: sec.gov/Archives/edgar… Hard, hard, hard. Occupancy costs = wholesale transfer pricing. 
"Fairway’s business has suffered to the point that it had less than $1 million in cash on hand when it filed for bankruptcy, court records show." google.com/amp/s/nypost.c… Cash is oxygen for any business.
Moody's: "You could see it when you looked at Fairway's liquidity. They just weren’t generating enough cash. No free cash flow, and lots of debt.” google.com/amp/s/finance.…
$6M lease payments on the flagship store? A stone cold killer. Wholesale Transfer Pricing.
$6M lease payments on the flagship store? A stone cold killer. Wholesale Transfer Pricing.
