Ample Hills Creamery, a Brooklyn-based chain of ice cream shops, announces bankruptcy to sell off the business after a ill-fated decision to open up a factory in Red Hook, Brooklyn.
Ample Hills’ overall costs and capital structure aren’t sustainable even though sales have continued to grow and its ice cream shops have remained profitable, company co-founder Brian Smith said in a declaration filed Monday in the U.S. Bankruptcy Court in Brooklyn.
The business was shopped in the months leading up to the chapter 11 filing, but no potential buyer wanted to assume Ample Hills’ “substantial lease and debt obligations,” Mr. Smith said. Ample Hills pays $118,000 a month in rent and has nearly $10 million in long-term debt, according to the Wall Street Journal.
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