Le Pain Quotidien's American locations have a new owner: Aurify Brands, manager of fast food restaurants, will become master franchiser and will therefore manage the formula separately from the Belgian group.
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Belgian bakery chain Le Pain Quotidien is working on a 'Pain Quotidien bis': it is in the midst of insolvency proceedings and is handing over its American and British branches via master franchising.
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The coronavirus crisis has a bitter taste for Le Pain Quotidien: the bakery chain urgently needs to find a buyer for its restaurants in the United Kingdom. As for the United States, all of its thousands of employees have been laid off.
The historical shareholders of Belgian bakery chain Le Pain Quotidien have bought out Norac, which owned about a quarter of the shares. Former CEO Vincent Herbert will temporarily take over the management of the company.
Belgian bakery and restaurant chain Le Pain Quotidien is considering a thorough reorganisation of the shareholder structure. However, there are still several options for its practical implementation.
Belgian bakery chain Le Pain Quotidien has seen its profits disappear completely last year, reaching a 6.6 million dollar loss instead - despite a slight turnover increase of 1.5 %.
After seventeen years, Vincent Herbert has decided to step down as CEO at Le Pain Quotidien. Jerry Gamez, who has plenty of experience at fastfood chain Burger King and Walmart, will succeed him.
Restaurant chain Le Pain Quotidien will open a new European main office in Brussels, alongside a new flagship store restaurant at the Tour & Taxis location.
Le Pain Quotidien is in talks with several potential parties who might want to invest in the bakery chain. All talks are just in a preliminary phase and there is no urgent need for additional funds anyway.