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Chicago's Primrose Candy Company Files for Chapter 11 Bankruptcy
Primrose aims to restructure $12 million debt amid revenue drop from $11.8 million to $7.8 million and rising costs, seeking new financing to maintain operations.
- Primrose Candy Company filed for Chapter 11 in the U.S. Bankruptcy Court on Jan. 27 to 'restructure its financial obligations' with around $12 million in debt.
- After revenue dipped last year to $7.8 million from $11.8 million, The Street reports higher sugar costs and lost contracts strained Primrose's 130,000-square-foot manufacturing facility.
- The filing shows assets of $1 million–$10 million, liabilities of $10 million–$50 million, and 20 claims with unsecured creditors.
- Primrose is seeking new financing to cover payroll for roughly 90 workers while aiming to maintain its Chicago manufacturing presence, despite losing two lemon-drop contracts worth about $1 million annually.
- The filing comes amid a wave of retail and restaurant bankruptcies, with FOX Business covering Primrose's $125,000 class-action settlement, adding legal costs.
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abc10 Sacramento+12 Reposted by 12 other sources
Chicago's Primrose Candy Company files for Chapter 11 bankruptcy
Primrose Candy Company, which started in 1928 according to their website, needs to settle around $12 million in debts and to "restructure its financial obligations."
·Sacramento, United States
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Coverage Details
Total News Sources21
Leaning Left2Leaning Right0Center19Last UpdatedBias Distribution90% Center
Bias Distribution
- 90% of the sources are Center
90% Center
C 90%
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