Le Pain Quotidien Bought Out of Bankruptcy, Saving 35 Locations (1)

Bankrupt Le Pain Quotidien received court approval to be sold for $3 million plus other consideration, allowing at least 35 of the bakery chain’s 98 U.S. stores to remain in business.

The sale to Aurify Brands LLC’s affiliate, LPQ U.S., approved Friday by Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware, is expected to close June 29.

Aurify essentially rescued the chain—which filed for bankruptcy under corporate name PQ New York Inc.—from liquidation, PQ New York’s attorney, Michael Merchant of Richards Layton & Finger, P.A., said at a remote hearing Friday.

The purchase price ...