Nearly two months after rumors surfaced that bakery chain Maison Kayser was planning to close all of its NYC locations, the chain has filed for Chapter 11 bankruptcy protection. Bloomberg first reported on the development.
In the bankruptcy document, Cosmoledo LLC, the US operator of Maison Kayser’s, says it agreed to sell all its assets to Aurify, the same brand that recently bought all the US operations for the banged bakery chain Le Pain Quotidien for $ 3 million. . It was not immediately clear how much Aurify is paying for the Maison Kayser takeover.
Aurys also operates several other NYC-based fast-casual chains including Melt Shop, Fields Good Chicken, and NYC Five Locations. Maison Kayser has a total of 16 locations in the city, but it is not yet clear how many outposts Aurify plans to reopen. Itter has reached out for comment.
In the bankruptcy filing, Maison Kaiser’s US division listed assets up to $ 50 million, and liabilities up to $ 100 million. According to Bloomberg, the bakery was reportedly looking for ups and downs after a failed national expansion push, and was working to close underperforming locations.
After the onset of the epidemic, Maison Kayser was forced to close all its NYC locations and inflame about 800 employees, according to Bloomberg. It is not yet clear how many of those jobs are planned to be brought back.
Founded in Paris in 1996, Maison Kayser’s first New York location opened in 2012 on the Upper East Side. In the following years, it expanded to several locations in Manhattan and opened its first Brooklyn outpost in 2016. The series still operates in over 100 locations in 22 countries.