New York -- Fairway Group Holdings Corp., a chain of natural and organic grocery stores, filed paperwork Monday to take the company public.
Fairway has 11 stores in New York, New Jersey and Connecticut. It is 80% owned by Sterling Investment Partners, who will still control the business following the proposed IPO, said the company.
Fairway said in the filing that its revenue has grown steadily over the past few years but has experienced losses in fiscal 2010, 2011 and 2012 due to added expenses from opening stores. It said it expects to continue to post losses through at least fiscal 2014.
Fairway said it intends to add three to four stores annually for the next several years in greater New York City.