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Koffee Kup Bakery abruptly closes, laying off 500 workers; Lawsuit filed against company Updated May 05, 2021; Koffee Kup Bakery shuttered its doors last month with little notice. The Vermont-based wholesale bakery that delivers to stores in the Northeast said the company suffered mounting financial problems, prompting the closure. “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 company said in a statement. “Employees, lenders, suppliers and customers all went above and beyond to support Koffee Kup during that time. In the last 6 months, the company was unable to find a new investor/operator who was willing to commit the resources necessary to bring the company back to health.” ....
Commercial Real Estate: Too Much Debt, Not Enough Assets infowars.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from infowars.com Daily Mail and Mail on Sunday newspapers.
It’s hard to crack the headlines of the financial pages, what with GameStop, bitcoin, Tesla, and squeezes of one sort or another. There is a squeeze in commercial real estate that won’t shock anyone, or shouldn’t. That squeeze is tenants unable to pay owners and owners unable to pay lenders. It’s possible the pandemic will fizzle, someone will snap their fingers, and everything will revert to the precovid economy. But indications are that commercial real estate will take lumps, some that will be fatal. The Timesreports that HSBC bank, employer of forty thousand people in the UK, occupying 3.3 million square feet at sixty-six locations, announced it’s cutting the bank’s real estate needs by 40 percent. ....