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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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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.
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
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.