The Superior Court on Wednesday morning approved the sale of the assets of Patisserie Gaudet in Acton Vale, Monteregi, to American giant Table Talk Pies, three months after it was placed under the protection of law over arrangements with creditors.
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The company, which specializes in making pies and tarts, closed its doors in early August due to more than $23 million in bankruptcy and placed itself under the protection of the law on arrangements with creditors.
Pâtisserie Gaudet employed approximately 90 workers at the time of its closure.
The assets, including the industrial building and production equipment, are valued at approximately $5 million.
The main secured creditors are TD Bank for $1.6 million and Investment Quebec with a claim of $7.5 million.
Table Talk Pies is a nearly century old company founded in 1924 in Worcester, Massachusetts.
Due to the consequences of the pandemic, inflation, failures in supply chains and lack of resources, this industrial bakery faced financial difficulties in 2021, with its production falling by almost 80%.
The company was rescued by new investors, including financial magnate Cliff Rucker, who also owns the Worcester Railers, an American East Coast hockey team.
Table Talk Pies specializes in making pies, among other things. With a team of more than 300 employees, the company sells nearly 250 million pies and tarts across the United States as well as in Mexico and Canada.
Pâtisserie Gaudet and Table Talk pies have worked together in the past, both companies serving as primary suppliers to Walmart.
The transaction is likely to close on Friday. The trustee and registrar who approved the transaction assured that the American company intends to resume production operations at Acton Vale and has no intention of dismantling the equipment to move it to other production sites it owns.