Mrs. Fields to File for Bankruptcy
New York City Mrs. Fields Famous Brands LLC said it plans to file for Chapter 11 bankruptcy protection to help restructure its business, according to a U.S. Securities and Exchange Commission filing.
The company, which licenses and franchises about 1,200 Mrs. Fields Cookies and TCBY frozen yogurt locations worldwide, has begun soliciting votes from creditors for a “prepackaged” bankruptcy reorganization plan.
Under a prepackaged plan, creditors vote on certain aspects of the plan prior to the bankruptcy filing in court.
More than two-thirds of its bondholders have agreed to vote in favor of the prepackaged plan, though their support is contingent upon the company submitting its bankruptcy filing to the court by Aug. 25, according to the regulatory filing.
The company plans to continue doing business and has also hired Blackstone Advisory Services to explore a possible sale of TCBY, according to the filing.
Marcus & Millichap announces execs
San Diego Marcus & Millichap Real Estate Investment Services said it has promoted Alvin Mansour to senior VP investments.
Mansour began his career with Marcus & Millichap in 2003.
The company also said it has named Michael Early as VP investments in the southern Virginia office, in Williamsburg.
Early joined Marcus & Millichap in 2000.
Washington state grocers to offer wine/beer tastings
OLYMPIA, Washington The Washington State Liquor Control Board has launched a yearlong pilot program that will allow wine and beer tasting in 30 grocery stores in the state. Participating stores, which include seven Safeway and five Fred Meyer/QFC stores, will be permitted to hold 12 tastings on premises during the period between Oct. 1 and Sept. 30, 2009.
The Washington State Liquor Control Board said it will document the findings, including comments and complaints about the pilot and then submit a report to the state legislature on Dec. 1, 2009.