The Little Beet owner begins converting Maison Kayser locations
Aurify Brands, the owner of The Little Beet, completed its purchase of Maison Kayser through a Chapter 11 bankruptcy proceeding, and will expand Le Pain Quotidien into at least 10 additional locations in New York City. Through the purchase of bakery-cafe chain Maison Kayser entities and assets, and their conversion, Aurify will now continue to grow the footprint of Le Pain Quotidien, which it acquired in June, also in a bankruptcy proceeding.
The US Bankruptcy Court for the Southern District of New York approved the purchase of mostly all of Maison Kayer’s assets October 29.
Over the summer, Aurify reopened 50 Le Pain Quotidien (LPQ) restaurants in select markets in California, Connecticut, Florida, Maryland, New York, Virginia, and Washington, DC. The LPQ reopenings led to 600 jobs being added with another 150 projected once the Maison Kayser locations are converted early next year. As COVID-19 restrictions are lifted and when full-capacity dining is restored, Aurify Brands plans to have added 1,200 jobs in total.
“This latest expansion of our platform reflects our long-term commitment to our home market, the hospitality industry, and the communities we serve, especially during these unprecedented times,” said John Rigos, co-chief executive of Aurify Brands, in an announcement. “It is gratifying to us that our loyal guests across the country are returning to LPQ, and we expect that the addition of these complementary locations across Manhattan will further engage our customer base as we continue to build this quality brand nationally.”
Aurify Brands’ portfolio comprises Le Pain Quotidien, The Little Beet, Melt Shop, Fields Good Chicken, and The Little Beet Table across 100 locations in several US markets. In addition to overseeing its core operations, it acquires franchise concepts with high-brand potential. Maison Kayser operated over 15 restaurants in Manhattan.
Katten Muchin Rosenman LLP served as legal counsel to Aurify Brands, while CohnReznick LLP provided financial advisory services. RCS served as real estate advisor on the transaction.
Photo credit: Le Pain Quotidien (featured preview image)
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