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Bakery Chain Le Pain Quotidien Files for Chapter 11

The U.S. arm of bakery chain Le Pain Quotidien filed for bankruptcy Wednesday in Delaware, with plans to sell itself for $3 million to avoid shutting down completely, according to published reports. Headquartered in Lower Manhattan, the chain plans to sell to Aurify Brands LLC, thus keeping at least 35 of its 98 U.S. stores open.

The chain’s sales were slipping amid heavy competition and lack of investment in its stores even before COVID-19 forced all its U.S. locations to go dark, proposed chief restructuring officer Steven Fleming said in a court declaration.

Founded in Belgium in 1990, Le Pain Quotidien — which means “the daily bread” in French — opened its first U.S. store in 1997. The chain’s parent, PQ Licensing SA, began its own restructuring in Brussels on May 22. The U.S. licensee, PQ New York, is being advised by law firm Richards Layton & Finger PA.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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