Maker of Archway cookies goes bankrupt OPERATIONS HALTED October 9, 2008 BY MIKE NOLAN SouthtownStar The maker of Archway and Salerno cookies said the company, crumbling under rising prices for raw ingredients, has halted operations and filed for bankruptcy.
The Michigan-based company maintains a distribution center in Mokena's Corporate Corridors business park. Information wasn't available Wednesday about how many employees were affected by the company's shutdown. In its bankruptcy filing, Archway & Mother's Cookie Co. listed assets in excess of $50 million and liabilities of more than $500 million. The company said it had hired Jeffrey Granger as chief restructuring officer, but it wasn't clear whether Archway's brands or manufacturing operations would be sold. "Like many other companies, Mother's Cake & Cookie Co. and Archway Cookies LLC have not been immune to the challenging economic environment, and have been operating at a loss due largely to the significant increases in raw material costs and the record high fuel costs across the country," Granger said Monday. After reviewing all its options, Chapter 11 "was the only course of action" for the company, he said. Founded in 1936 in Battle Creek, Mich., Archway had previously been owned by Deerfield-based Specialty Foods Corp. According to a company profile, variations of Archway's famous oatmeal cookie had accounted for 40 percent of overall sales. Sun-Times News Group --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World News Now Discussion List" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/wnndl?hl=en -~----------~----~----~----~------~----~------~--~---
