A 30-year-old South Carolina bakery that launched a main growth virtually two decades in the past has submitted for bankruptcy and closed, leaving a lot more than 200 people out of work.
The Muffin Mam closed its 100,000-square-foot plant in Laurens on Wednesday right after filing for personal bankruptcy in federal court Tuesday.
In an emailed assertion, the company blamed the “ongoing consequences of Covid-19.”
Bankruptcy court docket filings display the business owes pretty much $6 million to 189 creditors. When the growth to Laurens was introduced, it was estimated to be a $18.8 million financial commitment.
1 secured creditor, Pinnacle Financial institution, is detailed in the personal bankruptcy filing, but it does not say what is owed. The other individuals are unsecured creditors.
Among the collectors are Greenville and Laurens county tax businesses and the IRS. Between the major unsecured lenders are Atlantic Corporation, owed $600,760 Hardman Distribution, $591,400 JWC Engineering, $447,447 and Resourceful Baking Solutions, $382,750.
Creditors operate the gamut of companies such as janitorial solutions, insurance policy companies, staffing businesses, septic techniques, blueberry and egg cooperatives and technological know-how businesses.
Todd Littleton, main govt officer of The Muffin Mam, stated in a news launch, “After Muffin Mam commissioned a new facility in early 2020, original lockdowns connected to the pandemic significantly limited buyer interactions, which negatively impacted new revenues.”
He also claimed the firm experienced issues acquiring provides and hiring qualified labor.
“While we are deeply dissatisfied in this final result, we sincerely want to thank our staff, customers, and suppliers for their tireless endeavours around the previous 2 yrs in our wrestle to endure,” he explained.
Baker Stephanie Croley started out The Muffin Mam as a little cafe in Greenville in 1990. She chose the name in a nod to a favorite nursery rhyme “The Muffin Guy.” Inside two several years, Croley expanded into the wholesale bakery sector, and within just a further calendar year income amounted to a 50 %-million dollars.
The firm then acquired a facility in Simpsonville. Croley died in 2014, and the organization was bought by Azalea Money, a Greenville investment organization, a few a long time afterwards.
This story was at first posted November 11, 2021 10:44 AM.