Le Pain Quotidien has become the latest national chain to file for Chapter 11 bankruptcy protection, but is working to be acquired to prevent its total liquidation.
In its bankruptcy filing, the restaurant-bakery chain stated it was seeking a sale to New York-based Aurify Brands, with the goal of being able to maintain at least 35 of its 98 restaurants.
The company had roughly 2,500 employees prior to the COVID-19 pandemic, and its’ workforce would be reduced to about 1,000 if the bankruptcy court approves the proposed sale.
More than half of Le Pain Quotidien’s sales are generated in the New York City metro area. The chain has Fairfield County eateries in Greenwich, New Canaan and Stamford, with a sole Westchester restaurant in Rye.