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BRATTLEBORO â State and local officials are mobilizing efforts to stave off the negative impact of Koffee Kupâs decision to shutter its Vermont operations, including the closure of its Brattleboro subsidiary, Vermont Bread Company, that eliminated more than 90 local jobs.
The closures were announced suddenly on Monday.
According to a Tuesday news release from Dorset Partners, which specializes in âturnaround management and acquisitions,â Koffee Kup had been struggling to make ends meet for the past four years.
âFor each of the last four years Koffee Kup has suffered substantial financial losses and was unable to find a way out of their troubles,â states the news release, which came from Jeff Sands, a âturnaroundâ specialist at Dorset Partners and the senior advisor in North America for American Industrial Acquisition Corporation, which acquired a majority of the shares of Koffee Kup on A
Don t miss the big stories. Like us on Facebook.
BRATTLEBORO â State and local officials are mobilizing efforts to stave off the negative impact of Koffee Kupâs decision to shutter its Vermont operations, including the closure of its Brattleboro subsidiary, Vermont Bread Company, that eliminated more than 90 local jobs.
The closures were announced suddenly on Monday.
According to a Tuesday news release from Dorset Partners, which specializes in âturnaround management and acquisitions,â Koffee Kup had been struggling to make ends meet for the past four years.
âFor each of the last four years Koffee Kup has suffered substantial financial losses and was unable to find a way out of their troubles,â states the news release, which came from Jeff Sands, a âturnaroundâ specialist at Dorset Partners and the senior advisor in North America for American Industrial Acquisition Corporation, which acquired a majority of the shares of Koffee Kup on A
BRATTLEBORO â More than 90 employees at Vermont Bread Company in Cotton Mill are without jobs today, according to a notice filed with the Vermont Department of Labor.
âIn accordance with any obligations under the federal Worker Adjustment and Retraining Notification Act this letter is to inform you that Koffee Kup Bakery, Inc. and its subsidiary Vermont Bread Company . has announced that it will be terminating all operations, effective April 26, 2021,â wrote Jeff Sands in the notice.
Sands is the senior advisor in North America for American Industrial Acquisition Corporation, which acquired a majority of the shares of Koffee Kup on April 1.
The Reformer received information Monday morning from an employee that when he showed up for work he was told to go home because the facility was closed.
Koffee Kup Bakery, a Vermont staple in the bread industry for 80 years, has closed its doors and laid off hundreds of workers between its Burlington and Brattleboro locations.
The Vermont Department of Labor confirmed 156 workers at the Burlington Koffee Kup location and 91 workers at the Brattleboro Vermont Bread Company location were let go. A total of 247 Vermont workers lost their jobs.
According to reporting from WCAX, the workers were abruptly let go, and some arrived for their work day finding no one there.
The company was sold several weeks ago to New York City-based American Industrial Acquisition Corporation, according to a news release from its former owner, G2 Capital Investors. An adviser to the owner, Jeff Sands of Dorset Partners, sent a press release about the business closure.
Vermont Bread Company abruptly closes; 91 employees out of a job reformer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reformer.com Daily Mail and Mail on Sunday newspapers.