This Beloved Bakery Chain Just Declared Bankruptcy
Maison Kayser is a New York City staple. The bakery chain is only in the big apple, but the status of the 16 locations is unknown. Their owner recently filed for Chapter 11 bankruptcy.
Cosmoledo LLC. filed the papers in court recently that show the chain's status after a rough 2020. In addition to filing for bankruptcy, it notes over $70 million in debt and a sale of U.S. locations. The sale is key, though. Maison Kayser's potential new owner, Aurify, also bought Le Pain Quotidien earlier this year.
That sale saved the cafe from closing for good. All locations still remain closed, however, according to the cafe's website. It is unclear if Maison Kayser will also be set to open back up eventually, too. (Related: 15 Classic American Desserts That Deserve a Comeback.)
If no other bidder offers a higher payment than Aurify's $3 million in cash, then the sale will be completed. Should that happen, the company's list of New York City restaurants would grow. They also own the city's locations of the burger chain Five Guys.
After opening up in Paris in 1996, Maison Keyser expanded to 22 countries all over the world. In 2012, they landed in the U.S. on the Upper East Side of Manhattan. Cosmoledo hoped to eventually move to other cities across the country but were never able to do so. A plan to reorganize the New York locations stopped when the coronavirus pandemic forced them to pause. Instead of only closing stores that weren't performing well before March, they were forced to furlough about 800 employees, file for bankruptcy, and sell the brand, since the city's reopening plan wasn't going to be enough, according to Bloomberg.
Maison Kayser is hardly the first bakery or restaurant to file for bankruptcy this year. Garbanzo Mediterranean Fresh is one of the latest, but some locations will stay open while the company reorganizes.