NEW YORK (1010 WINS) -- Le Pain Quotidien has sold all of its U.S. outposts to a New York City-based food brand, a day after the bakery chain’s U.S. arm filed for bankruptcy.
Belgium-based Le Pain Quotidien’s U.S. arm filed for chapter 11 bankruptcy on Wednesday — a move that was in the works pre-pandemic, Eater NY reported.
And on Thursday, Le Pain Quotidien sold its 98 U.S. locations to Aurify, which operates eateries including The Little Beet Table, The Little Beet and Melt Shop, for $3 million, the outlet reported, citing a Nation’s Restaurant News report.
At least 35 of those outposts will reopen, though it wasn’t immediately clear which locations would reopen or when they would do so.
Le Pain Quotidien closed all of its cafes and laid off its entire staff when the COVID-19 pandemic hit the U.S. in March. The chain has more than two dozen outposts in Manhattan and Brooklyn.
The chain reported a $17 million loss in the U.S. last year, and has been having trouble competing with lunch chains like Pret a Manger and Dig, according to Eater.