Asian Market At Former M&M Farms Site Aims For Opening

MILFORD, CT — iFresh is planning to open its Asian grocery store at the former M&M Farms site this October.

The property was purchased in 2015 by NYM Milford LLC and is operated by the family that operates iFresh, according to New Haven Biz.

Construction work at iFresh has been on and off for years. The owners were fined in 2018 for blight violations related to disrepair at the construction site and overgrown vegetation, according to the New Haven Register.

The store was originally slated to open in December 2017, according to a news release from the company. Since then, Asian supermarket G Mart opened its doors last year at the former ShopRite location in the Cherry Street plaza.

The Securities and Exchange Commission filed a civil lawsuit against iFresh and its CEO Long Deng in late May. The SEC alleged that iFresh repeatedly filed materially inaccurate financial statements and failed to properly disclose transactions with entities related to Deng and his brother, according to the complaint.

Deng's attorney Jacob Frenkel said that Deng has been cooperating with the SEC and that Deng relied on internal and external professionals for financial reporting.

"We are confident that the evidence will be that Mr. Deng relied on the advice and counsel of these professionals, and that a jury in this civil case will find that Mr. Deng is not responsible for the violations that the Commission alleges were committed in connection with the Company’s financial reporting," Frenkel said in a statement.

iFresh was listed on the Nasdaq Stock Market in 2017, but was delisted in November 2021 for noncompliance with listing rules. The company's stock price has dropped from about $1.28 per share in November 2021 to about a penny per share today.

Read the full New Haven Biz story here.