Caffé Nero Makes $2.9 Million Bid for Bankrupt Compass Coffee

Compass Coffee LLC has picked Caffè Nero North America Inc.'s $2.9 million offer as the starting bid for virtually all of its assets after it filed for bankruptcy in early January.

UK-based Nero Group Ltd.'s American affiliate is entitled to a break-up fee of 4% of the cash purchase price if it’s outbid at an auction, according to a Jan. 23 filing by Compass Coffee in the US Bankruptcy Court for the District of Columbia.

Caffé Nero North America is based in Boston.

Washington, DC-based Compass Coffee never recovered from the decrease in foot traffic that began during the Covid-19 ...