Operations

Le Pain Quotidien selling for $3M

May 28, 2020

Le Pain Quotidien in the U.S. has filed for bankruptcy in Delaware, but Aurify Brands LLC is hoping to buy it for $3 million, pending court approval, according to Bloomberg. Aurify operates Melt Shop and Fields Good Chicken.

If the sale doesn't go through, Le Pain will have to liquidate its 98 U.S. stores, Chief Restructuring Officer Steven Fleming said in a court declaration.

According to Bloomberg, the chain's sales had dropped amid heavy competition and lack of investment, before the pandemic forced it to close all U.S. locations, Fleming said. Last year, the U.S. arm of the business reported a nearly $17 million loss on $153 million in sales.

Le Pain Quotidien, which was founded in 1990 in Belgium in 1990, opened its first U.S. store in 1997. The sale to Aurify would keep at least 35 stores open and retain 1,000 jobs, according to court filings.

The chain’s parent, PQ Licensing SA, began restructuring in Brussels on May 22, according to court documents.

The brand's U.S. arm listed assets and liabilities of at least $100 million each in its bankruptcy petition.