FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

Phoenix Capital Resources Named Investment Banker in Flour City Asset Sale

Date: Mar 15, 2016 @ 07:38 AM
Filed Under: Bankruptcy

A motion was filed last week with the U.S. Bankruptcy Court, Western District of New York, to retain Phoenix Capital Resources as the exclusive investment banker in conjunction with the potential sale of the assets of Flour City Bagels, LLC, and its business as an ongoing concern. Flour City filed for protection under Chapter 11 of the U.S. Bankruptcy code last week (Case No. 2-16-20213 (PRW)), and any sale is subject to Bankruptcy Court approval.

Flour City operates 32 bakeries that serve authentic "New York Style" bagels, coffee, drinks, soups, salads, sandwiches, fresh fruit, and a variety of other related items. Its bakeries are located in three tightly-clustered geographic regions -- Rochester (13 bakeries), Albany (13 bakeries), and Syracuse (6 bakeries) and currently operate as a Bruegger's franchisee pursuant to expired agreements. Ninety percent of the units have been open for 20 years or more. Flour City also operates a commissary in Rochester, NY that produces all of the bagels sold at its 32 bakeries. Flour City generated net revenue in excess of $22 million in 2014 and 2015, and currently has the capacity to produce 40,000 bagels per day, with ample ability to increase production.

For 30 years, Phoenix has provided smarter, operationally focused solutions for middle-market companies in transition. Phoenix Capital Resources provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Phoenix Capital Resources is a U.S. registered broker-dealer and member of FINRA and SIPC. Proven. Results.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.