May 28, 2020
The U.S. arm of bakery chain Le Pain Quotidien filed for bankruptcy Wednesday in Delaware, with plans to sell itself for $3 million to avoid shutting down completely, according to published reports. Headquartered in Lower Manhattan, the chain plans to sell to Aurify Brands LLC, thus keeping at least 35 of its 98 U.S. stores open.
The chain’s sales were slipping amid heavy competition and lack of investment in its stores even before COVID-19 forced all its U.S. locations to go dark, proposed chief restructuring officer Steven Fleming said in a court declaration.
Founded in Belgium in 1990, Le Pain Quotidien — which means “the daily bread” in French — opened its first U.S. store in 1997. The chain’s parent, PQ Licensing SA, began its own restructuring in Brussels on May 22. The U.S. licensee, PQ New York, is being advised by law firm Richards Layton & Finger PA.
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