Fairway Market, the nearly century-old supermarket chain that is a New York institution, is known for its hard-to-find global offerings, low prices and no-frills demeanor.

It has also been regularly dogged by speculation of its financial health.

On Thursday, it filed for Chapter 11 bankruptcy protection just under four years after declaring bankruptcy and receiving financing from Blackstone, the private equity firm.

The company filed papers saying that it had accepted an initial bid from Village Super Market to buy as many as five Fairway stores in New York and its distribution center for about $70 million. But the deal was described as a stalking horse agreement, meaning other businesses may bid for the properties.

Village Super Market runs about 30 stores in the northeastern United States, including ShopRite supermarkets and Gourmet Garage outlets.