It is a very sad day in cookie land...it was just announced that Mrs. Field's Famous Brands LLC plans to file for Chapter 11 protection (they're going bankrupt). The cookie company is reorganizing and working out a prepackaged plan with its creditors, according to a filing Friday with the Securities and Exchange Commission. As the genius behind the best cookie cake ever created, this is a very very sad day indeed:
In the filing, Mrs. Fields, reported "aggressive competition" in its franchising business. "Many of our competitors have greater resources or more favorable business models than ours with which to attract new investors and procure sites," the filing said. Mrs. Fields also said there has been a decline in customer traffic at shopping malls -- a trend that has hurt revenue. [AP]
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