Fairway plunged $3.24, or 29 percent, to $8.11 after reporting a loss in its fiscal third quarter and said its CEO is stepping down.
The grocery store chain, which went public last year, reported a loss in its fiscal third quarter and announced that Herbert Ruetsch is retiring after two years as CEO and 15 years with the company.
William Sanford, who has been president of the company since April 2012, will become interim CEO. Fairway said it will start a search for a new CEO soon.
The management changes come as the company said it lost $31.3 million, or $0.74 per share, for the three months ending Dec. 29. Sales at stores open at least one year fell 1.7 percent.
Fairway, which has stores in New York, New Jersey and Connecticut, also said it will streamline its business to “remove redundant costs.” It expects to pay $7 million in severance over the next year.