Gold Standard Baking Files Ch. 11 With Plans For Sale
By Leslie A. Pappas (June 22, 2022, 10:42 AM EDT) -- One of the nation's largest industrial bakers, Chicago-based Gold Standard Baking LLC, hit Chapter 11 in Delaware on Wednesday with $140 million in long-term debt and intention to sell its business to secured lenders.
The company's declaration cited turnover of experienced employees as one of the reasons for its bankruptcy, noting that it let 230 employees go in early 2017 after the IRS sent the company a "no match" letter pointing out discrepancies with the workers' Social Security numbers.
"The loss of its skilled workforce affected all aspects of the company's business," John T. Young Jr., the company's chief restructuring officer,...
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