Gold Standard Baking LLC, which bills itself as the top croissant maker in the US, has filed for bankruptcy after years of grappling with workforce issues, rising costs and operational woes.
The Chapter 11 filing will let the Chicago-based baker of croissants, Danishes and cinnamon rolls keep operating while it tries to sell itself to a bidder group that includes several company executives. Gold Standard, now owned by private equity firm Parallel49, has at least $140 million of debt spread across a revolving credit line, two term loans and senior subordinated notes,
The company ...
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