Le Pain Quotidien filed for Chapter 11 bankruptcy protection on Wednesday, May 27. The bakery-restaurant chain has also revealed plans to sell itself to another restaurant company in a bid to avoid liquidation.
In light of the coronavirus and out of concern for its guests and employees, Le Pain Quotidien had previously made the decision to temporarily close all US restaurants until further notice. The company is now proposing a sale to New York-based Aurify Brands in a deal that would allow over one-third of its restaurants to reopen.
Le Pain Quotidien currently has nearly 100 locations throughout the New York City area, the Mid-Atlantic region, California, Illinois and Florida. Over half of all its sales come from the New York City area, where most of the restaurants would likely re-open under the proposed deal.
Aurify Brands currently operates fast-casual restaurants such as The Little Beet, Melt Shop, Fields Good Chicken, MAKE Sandwich and Five Guys Burgers and Fries.