The struggling privately owned Mrs. Fields Famous Brands, owner of the famous mall-based cookie stands and TCBY yogurt stores, said Friday it plans to file for Chapter 11 bankruptcy reorganization, according to a filing with the Securities & Exchange Commission.
Mrs. Fields is plagued with $200 million in debt, a slowing economy where consumers have cut back on discretionary purchases and record-high dairy and ingredient prices. The company also saw the resignation of its Chief Executive Officer Stephen Russo late last month.
The company, in their most recent SEC earnings filing, reported a net loss of $10.7 million last quarter, compared with a loss of $1.4 million in the same period last year.
Damn, I love those cookies!
Cookie maker in chapter 11