US confectionery firm Archibald Candy Corporation, parent of Fannie May and Fanny Farmer Candy, has announced that it has filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.
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The company said the petition, which was filed at the United States Bankruptcy Court in Chicago, Illinois, reflected assets of between US$50m and $100m and liabilities in excess of $100m.
Archibald had previously announced the closing of its Chicago manufacturing plant and the phased closing of its 238 Fannie May and Fanny Farmer retail stores. The company said its retail stores will be gradually closed, although some will remain open for several weeks to complete final sales of product inventories.
Archibald said its filing will not affect its Canadian subsidiary, Archibald Candy (Canada) Corporation, which will continue to sell the Laura Secord brand in Canada.
Earlier this month, Archibald also announced that it had reached a preliminary agreement to sell its Fannie May and Fanny Farmer brands, intellectual property and 31 company-owned retail stores.
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By GlobalData
