PQ Ny Inc., which owns the particular restaurant, on Wednesday furthermore “ announced an agreement to market substantially all of the Le Discomfort Quotidien Bakery & Eating place business in the U. T. to Aurify Brands LLC, ” the statement (pdf) mentioned .
The particular firm added that it submitted for Chapter 11 personal bankruptcy in Delaware.
“ Concurrently, the company submitted a motion requesting acceptance of the asset purchase contract with Aurify Brands, that was reached following a robust advertising process, ” it additional.
The company observed that the COVID-19 pandemic is a reason for the reason why it filed for personal bankruptcy and is pursuing a purchase, noting that its 98 restaurants in the United States were shuttered in March 2020 because of the outbreak. Nearly all of The Pain Quotidien’ s workers were laid off “ mainly due to the COVID-19 outbreak, ” the firm said.
“ The Aurify Brands transaction provides for the particular reopening of 35 or even more of those restaurants to function LPQ’ s loyal consumer base. Further, the deal is expected to create around 1, 000 jobs, such as the rehiring of a number of the particular company’ s former workers at goforward locations, ” the statement said. It’ s not clear what will occur to the remaining 73 stores.
Started in Belgium in 1990, the company, in whose name translates as “ the particular daily bread, ” opened up its first U. Ersus. location in 1997. This had more than 290 places around the world at its top, in accordance to UNITED STATES Today.
The particular bankruptcy filing follows comparable moves by other countrywide chains, including JCPenney, Nieman Marcus, Stage Stores, plus Tuesday Morning. The companies blamed their financial struggles on the CCP (Chinese Communist Party) virus break out.