Financial Status
Since early 2006, Mrs. Fields has seen several rounds of layoffs as a result of restructuring efforts. Loss of personnel was due in part to the sale of three of the company's brands. In August 2007, Nexcen Brands, Inc. purchased the Pretzel Time and Pretzelmaker concepts from Mrs. Fields Famous Brands. Great American Cookies was then sold to Nexcen in February 2008.
June 5, 2008 - Mrs. Fields announced plans to begin efforts to restructure their debt by offering a deal to current bondholders. The plan also included the option of filing a prepackaged bankruptcy in the event enough noteholders didn't agree to the offer.
July 10, 2008 - Stephen Russo resigns as CEO. On July 15, 2008, the Board of Managers of the Company appointed Michael R. Ward and John Lauck as Interim Co-Chief Executive Officers to fill the role vacated by Stephen Russo.
August 15, 2008 - Mrs. Fields Famous Brands announced plans to implement a prepackaged Plan of Reorganization and file for Chapter 11 bankruptcy.
August 24, 2008 - Mrs. Fields Famous Brands officially files for Chapter 11 protection.
August 26, 2008 - Mrs. Fields Famous Brands releases a statement announcing that the bankruptcy court has approved all first day motions. These motions grant approval to:
- Continue to pay employee salaries, wages, and benefit programs;
- Pay vendors in the normal course of business for goods and services provided to the Company;
- Maintain uninterrupted delivery of products and services to the Company’s franchisees and customers.
The statement also mentions that the company expects to emerge from Chapter 11 within 45 days.
October 27, 2008 - Mrs. Fields emerged from bankruptcy.
April 2010 - Mrs. Fields hires Tim Casey as CEO
December 2011 - Mrs. Fields narrowly avoids its second bankruptcy in three years by agreeing to cede control of the company to its creditors, Z Capital and Carlyle.
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