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Primrose Candy Company, which started in 1928 according to their website, needs to settle around $12 million in debts and to “restructure its financial obligations.”
CHICAGO — The nearly century-old, family-owned Chicago candy manufacturer who makes the iconic hard candies grandmas are notorious for keeping in their purse filed for Chapter 11 bankruptcy Friday.
Primrose Candy Company, which started in 1928 according to their website, needs to settle around $12 million in debts and to “restructure its financial obligations,” according to the bankruptcy petition.
David Welch, a Chicago attorney representing the company, told the Chicago Tribune it’s because it’s more expensive to make the candy now.
“The cost of making that same piece of candy is so much more than what it used to be, and you can’t keep up with your pricing to absorb all those costs when you have a lot of old debt that you also have to service,“ Welch told the Tribune Wednesday.
They sell a variety of candies and sweets including wrapped hard candies, foil wrapped, honey filled, sugar free candies, lollipops, caramels, taffy and other chewy candy, popcorn and much more.
The company is transitioning into the fourth-generation of family ownership and made roughly $7.8 million dollars last year, down from nearly $12 million the year before, according to the petition.
The filing shows 20 claims with unsecured creditors including Labor Solutions, LLC, City of Chicago Dept. Of Finance-Water Div., American Ingredients and others.
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