<![CDATA[Bakery chain Le Pain Quotidien files for bankruptcy]]> https://usagag.com/2020/05/27/bakery-chain-le-pain-quotidien-files-for-bankruptcy/ Wed, 27 May 2020 19:27:17 +0000 hourly 1 https://usagag.com Bakery chain Le Pain Quotidien files for bankruptcy The US arm of Le Pain Quotidien, an upscale bakery chain known for its chocolate-filled rolls, on Wednesday filed for bankruptcy protection, a victim of coronavirus lockdowns that have idled stores.

The company, however, hopes to stave off liquidation via a $3 million sale to Aurify Brands LLC.

The deal would allow for 35 of the 98 Le Pain Quotidien locations to reopen – possibly with employees originally laid off in the closures of stores.

Le Pain Quotidien, which offers such lunch dishes as avocado toast in addition to baked goods, began faltering before the coronavirus crisis because of undercapitalization and increased competition.

The US division reported a nearly $17 million loss on $153 million in sales last year.

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