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BRATTLEBORO â Koffee Kup and its subsidiary in Brattleboro, Vermont Bread Company, were shuttered Monday morning, resulting in a loss of more than 90 local jobs.
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 Corp., which acquired a majority of the shares of Koffee Kup on April 1. âEmployees, lenders, suppliers and customers all went above and beyond to support Koffee Kup during that time.â
For each of the last four years Koffee Kup has suffered substantial financial losses and was unable to find a way out of their troubles, the release said. Employees, lenders, suppliers and customers all went above and beyond to support Koffee Kup during that time, the statement said, while noting that in the last six months the company was unable to find a new investor/operator.
A total of about 450 employees were laid off, about half in Vermont and others at a Connecticut-based bakery, the newspaper reported.
According to the bakery s website, the business started in 1940 with the owner making donuts and delivering them by bicycle to mom-and-pop stores in Burlington. After a three-year hiatus during World War II, the business started up again and eventually moved to its Riverside Avenue location in 1964. The company acquired Vermont Bread in 2013.
Wed, 04/28/2021 - 8:53am tim
Vermont Business Magazine On April 17th, H.315 was enacted (Act 9). The Act appropriates $10 million of funds from the American Rescue Plan Act (ARPA) to ACCD to provide priority funding to businesses that have not received prior State or Federal financial assistance. To the extent that funds remain available, the program is also intended to provide funding to businesses that have suffered a tax loss even after receiving State or Federal aid. The Act requires ACCD to post guidance for the program 10 days after enactment, and that public guidance can be found at the ACCD COVID-19 Recovery Resource Center today.
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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
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