The Foodservice Warehouse filed for chapter 11 bankruptcy in May 2016, and closed its doors as of October 15 while it awaits a court decision. The company sells commercial kitchen equipment to restaurants and caterers. While the bankruptcy filing was voluntary, the firm’s attorney has filed a Motion to Convert the case to Chapter 7 as well. If the bankruptcy case is approved, the company will return to business as usual on June 10, 2020.
It was founded in 2006 and has a headquarters in Colorado. The company is currently processing orders and is under construction on its website. The bankruptcy filing lists its liabilities at $100,001 to $500 million. The company also operates under other names, including Maines Food & Party Warehouse, MainSource, Produce Express, and Produce Express. The firm has been in business for over 100 years and does business in more than six hundred cities. The business has over $3.5 billion in annual sales and has approximately 3,000 employees.
The bankruptcy filed by Foodservice Warehouse is due to the failure of the foodservice distribution industry. The company incurred losses due to labor shortages, which increased expenses and led to the bankruptcy. While employees at the warehouse had good benefits and salaries, the company suffered from a lack of funding. The CEO got greedy and lost all of the company’s money. As a result, the company is unable to pay its debts and is in bankruptcy.
The company had approximately 2,000 employees and $3.5 billion in assets, according to bankruptcy records. It is unclear how many employees are employed at the time of the filing. The company employs approximately 500 people and employs approximately 5,000 people. The debtors’ company had to pay a large number of workers. Maines has a record-setting 132 people. The company owes more than $10 million in secured debt.
As of April 2018, the company has a pre-tax loss of $29.9 million. The company’s two primary business units are: a) The foodservice supply chains solutions unit provides centralized purchasing services for QSR chains. b) The retail store’s foodservice warehouses have been in business for over 10 years. In 2018, the debtors operated in more than 30 states. The business is in the foodservice distribution industry. Its annual sales were about $2 billion.
Maines Foodservice warehouses listed over $236 million in debts. As of September 9, 2014, the company owed over $8.5 million in debts. The company owed more than $200 million in total debt. Its business was poised for success as a food service wholesaler, with over 851 employees. But the bankruptcy has caused the employees to lose their jobs. The management was forced to sell the company after the sale.