Categories: ALL POSTSMrs. Fields

Mrs. Fields May Go Bankrupt

(Unhappy Franchisee)  Franchise portal Blue Mau Mau reports that Mrs. Fields may be on the verge of bankruptcy:

Mrs. Fields Famous Brands LLC warns that it will file Chapter 11 within the next two months if it cannot persuade note holders to cut $145 million in debt by the end of June. The Salt Lake City-based franchisor of both Mrs. Fields cookies and frozen yogurt retailer, TCBY, has a high interest debt-load of over $200 million.

The firm has struggled for years to pay just the interest expense, never mind the principal of their outstanding debts. Despite selling its most profitable brands Pretzelmaker and Pretzel Time last year and The Great American Cookie to NexCen Brands earlier this year in order to receive much needed cash, the company still finds itself not able to pay $10.25 million in interest that comes due in September.

In an interview with Blue MauMau, Michael Ward, Chief Legal Officer and Executive Vice President for Mrs. Fields Cookies, says that the company has been cooking up a recipe for some time to reduce what it owes in high-interest debt. “We are executing a strategic plan that we went through a year ago,” Ward declares. “Mrs. Fields was always a highly leveraged company. There always needed to be in the whole history of the company an event that would bring down the company’s high debt.”

Continue reading

ARE YOU FAMILIAR WITH THE MRS. FIELDS FRANCHISE COMPANIES?  WHAT DO YOU THINK?  SHARE A COMMENT BELOW.

__________________________

Visit FRANBEST’s: Unbiased franchise information, franchise interviews and detailed, searchable information on 400 franchise and business opportunities.

.

Franchisees, customers & experts vote for their favorite new franchises at Top New Franchise: Who’s hot.

Photo credit:   J. Good.  License:  Creative Commons.  Closed Mrs. Fields store in Summit Place Mall, MI

unhappyzee

Recent Posts

DonutNV Franchise Failures, Closures & Transfers: An Interactive List

DonutNV & Franchise Fastlane sold 276 DonutNV franchise territories to 130 franchisees in less than…

2 days ago

DONUTNV Franchise Owners Selling at a Loss

Last year’s hot new franchise opportunity sometimes becomes this year’s discounted resale (and, in the…

4 days ago

DonutNV MultiUnit NC Franchisees Left the System. Not Disclosed?

DonutNV franchise owners who invested in multiple territories reportedly left the system in late 2023. …

7 days ago

DonutNV 2nd Franchisee Daryl Poe Not Disclosed… Anywhere?

Daryl Poe was celebrated as DonutNV’s 2nd franchisee.  The local paper states that he operates…

2 weeks ago

DONUTNV Franchisee Mike Flowers Not Disclosed in FDDs?

I read a lot of Franchise Disclosure Documents (FDDs).  Most are pretty straightforward and make…

2 weeks ago

DonutNV Franchise Owners John & Dana Owens, Ocala, FL, Not Disclosed

In a video interview Franchise Sidekick celebrates their clients, John & Dana Owens, becoming DonutNV…

2 weeks ago