BIG V SUPERMARKETS INC
PROMISSORY NOTE
<DOCUMENT>
<TYPE>EX-10.49
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>PROMISSORY NOTE
<TEXT>

<PAGE>

                                                                   Exhibit 10.49


                           BIG V SUPERMARKETS, INC.
                                PROMISSORY NOTE


For value received, the undersigned (the Obligor) promises to pay to the order
of Big V Holding Corp., a Delaware corporation, with its principal executive
offices located at 75 State Street, Boston, Massachusetts 02109 (the Company),
the principal sum of Two Hundred Thousand Dollars ($200,000) (the Principal
Amount) in lawful money of the United States of America, together with all
accrued but unpaid interest, on March 20, 2003 (the Maturity Date), subject to
the terms outlined below:

 .  The note, together with accrued but unpaid interest thereon, will be due and
   payable if the Obligor leaves the employ of the Company at any time prior to
   the maturity date, other than a termination without cause (as defined in the
   undersigned's Employment Agreement with the Company).

 .  Interest shall accrue at the minimum rate allowed under Internal Revenue
   Service regulations.

In witness whereof, the Note has been duly executed and delivered by the Obligor
on the date first above written.


/s/ Mark S. Schwartz
--------------------
Mark Schwartz
2 White Tail Drive
Goshen, NY  10924

Date:   June 9, 2000
        ------------
</TEXT>
</DOCUMENT>
