Bakery Chain Le Pain Quotidien’s U.S. Arm Files Bankruptcy
- The chain was considering bankruptcy before Covid-19
- Le Pain Quotiden would’ve had to liquidate in absence of sale
A Le Pain Quotidien stands closed in the West Village of Manhattan on March 19.
Photographer: Victor J. Blue/Getty ImagesThis article is for subscribers only.
The U.S. arm of bakery chain Le Pain Quotidien filed for bankruptcy in Delaware with plans to sell itself for $3 million to avoid shutting down for good, court papers show.
The Chapter 11 petition allows Le Pain Quotidien to rework its debts and carry out a sale to Aurify Brands LLC, which requires court approval. Without the sale, the company would’ve had to liquidate its 98 U.S. stores, proposed Chief Restructuring Officer Steven Fleming said in a court declaration.