Quality Candy files for bankruptcy
The owner of Quality Candy Shoppes and Buddy Squirrel has filed for Chapter 11 bankruptcy, but the future of the 13-store St. Francis-based chain could not immediately be determined.
Quality Candy Shoppes/Buddy Squirrel of Wisconsin Inc. filed for bankruptcy Jan. 15 in U.S. Bankruptcy Court in Milwaukee. The company listed assets of between $1 million and $10 million and liabilities in the same range.
Two of the company’s largest unsecured creditors are suppliers: Cargill Inc., for $89,938, and Wright Brothers Paper Box at $10,959. The other top unsecured creditors include radio station owner Lakefront Communications, $10,332; George Pinter, accounting services, $8,910, and J.M. Swank Co., $8,032.
Harris Bank is the company’s secured lender and is owed an unspecified amount.
In a Jan. 19 hearing, Quality Candy/Buddy Squirrel sought emergency funding to make its payroll. Bankruptcy Judge Margaret McGarity approved the motion and required the company to provide an accounting of its cash use by this Wednesday and make interest-only payments to the bank until then payday loans guaranteed no fax.
Another hearing is scheduled for Feb. 8.
Jonathan Goodman, an attorney for the company, declined to comment Monday. The president, CEO and sole shareholder is Margaret Gile, who represents the third generation of family ownership.
Quality Candy was founded in Milwaukee in 1916, according to the firm’s Web site. In the 1960s, Quality Candy bought Buddy Squirrel of Wisconsin, and in 1999, the two businesses were merged and the company was renamed Quality Candy Shoppes/Buddy Squirrel of Wisconsin Inc. The company built a 15,000-square-foot distribution center in 2001.
Margaret Gile, represents the 3rd generation as owner and president.
Quality Candy/Buddy Squirrel owns and operates stores in the Milwaukee area, Racine and Madison.