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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.
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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
Vermont breadmaker, baker Koffee Kup abruptly closes, lays off 250 employees
The Koffee Kup Bakery in Burlington, seen on Tuesday, April 27, 2021, abruptly laid off most of its employees and shuttered the plant. Photo by Glenn Russell/VTDigger
Modified: 4/27/2021 9:42:27 PM
Vermont-based Koffee Kup Bakery closed its doors without plans to reopen on Monday, leaving hundreds of employees out of work.
According to a notice filed with the state Department of Labor, 247 employees lost their jobs. Of those, 156 worked at the company’s Burlington location and 91 worked at a Brattleboro subsidiary, the Vermont Bread Co.
“The department has already started the process of reaching out to the company in an effort to provide job loss services around unemployment insurance and re-employment efforts to those employees that were impacted,” said Kyle Thweatt, a spokesperson for the Department of Labor.
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.