By Vince Sullivan (June 22, 2022, 7:41 PM EDT) -- One of the nation's largest industrial bakers, Chicago-based Gold Standard Baking LLC, hit Chapter 11 in Delaware with $140 million in long-term debt and intention to sell its business to secured lenders.
The company, which produces 65 million pounds of croissants a year, 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.
Reasons for Filings for Chapter 11 Protection Loss of experienced workers that damages production capacity...
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