Gold Standard Baking, a processor of croissants and other baked goods for foodservice and in-store baking, has agreed to a bankruptcy sale.
The Chicago-based company filed for Chapter 11 last week. It is being acquired by a company formed for that purpose in partnership with its current owner, an equity fund, and the company’s senior management.
Gold Standard produces 1.7 million pounds of baked goods per week, according to a court filing cited by Reuters. About half of its output is croissants and half pastry. It has 333 employees and, last December, sold its production facility in Pleasant Prairie, Wis., to Crown Bakeries.
The company said in court filings that staffing challenges due to the pandemic, as well as rising material costs, forced it into bankruptcy. It defaulted on its loans in 2020 and has been unable to make scheduled payments.
