Days after firing its New York staff, the owner of bakery chain Maison Kayser has filed for bankruptcy, with a plan to save the company.
Cosmoledo LLC said in its Chapter 11 bankruptcy petition that it had agreed to sell its assets to restaurant investor Aurify Brands, according to Bloomberg.
“The Covid-19 pandemic and indefinite timeline for the resumption of full-capacity indoor dining in New York City have had a devastating impact on our business,” Jose Alcalay, CEO of Maison Kayser USA, said in a statement to The Real Deal. “While we had hoped to reopen our bakeries and bring back employees, the obstacles proved too great to overcome.”
Cosmoledo has listed $50 million of assets and up to $100 million in liabilities in its petition in the U.S. Bankruptcy Court for the Southern District of New York. It operates 150 locations across 22 countries, including 16 in New York.
Aurify recently bought the U.S. assets of bakery chain Le Pain Quotidien. It also owns the New York operations of Five Guys, Melt Shop and The Little Beet.
Maison Kayser is the latest to be saved from bankruptcy amid the pandemic. On Thursday, J.C. Penney reached a sale agreement with Simon Property Group and Brookfield Property Partners after fears of liquidation.
[Bloomberg] — Sasha Jones