A 30-year-old South Carolina bakery that launched a main enlargement practically two yrs back has submitted for bankruptcy and closed, leaving extra than 200 people out of do the job.
The Muffin Mam shut its 100,000-sq.-foot plant in Laurens on Wednesday following submitting for bankruptcy in federal courtroom Tuesday.
In an emailed assertion, the enterprise blamed the “ongoing outcomes of Covid-19.”
Personal bankruptcy courtroom filings display the enterprise owes pretty much $6 million to 189 lenders. When the expansion to Laurens was introduced, it was approximated to be a $18.8 million investment decision.
One particular secured creditor, Pinnacle Financial institution, is listed in the personal bankruptcy submitting, but it does not say what is owed. The other individuals are unsecured lenders.
Among the the creditors are Greenville and Laurens county tax companies and the IRS. Amongst the premier unsecured collectors are Atlantic Corporation, owed $600,760 Hardman Distribution, $591,400 JWC Engineering, $447,447 and Inventive Baking Options, $382,750.
Lenders operate the gamut of companies such as janitorial solutions, insurance plan corporations, staffing firms, septic techniques, blueberry and egg cooperatives and know-how providers.
Todd Littleton, chief government officer of The Muffin Mam, reported in a information release, “After Muffin Mam commissioned a new facility in early 2020, first lockdowns similar to the pandemic greatly limited client interactions, which negatively impacted new revenues.”
He also reported the organization had hassle having supplies and using the services of competent labor.
“While we are deeply upset in this consequence, we sincerely want to thank our staff, consumers, and suppliers for their tireless efforts over the past 2 years in our battle to survive,” he mentioned.
Baker Stephanie Croley began The Muffin Mam as a modest cafe in Greenville in 1990. She selected the name in a nod to a beloved nursery rhyme “The Muffin Male.” Inside two years, Croley expanded into the wholesale bakery sector, and in just one more calendar year revenue amounted to a 50 percent-million dollars.
The company then bought a facility in Simpsonville. Croley died in 2014, and the company was purchased by Azalea Capital, a Greenville expenditure firm, a several many years later on.
This tale was at first released November 11, 2021 10:44 AM.