Crumbl cookies’ rival files for bankruptcy years after explosive growth
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US cookie company closing stores in attempt to stay in business
- Taylor Chip, a Pennsylvania-based cookie company, is undergoing financial restructuring after filing for Chapter 11 bankruptcy.
- Newly released bankruptcy documents reveal that the company carries over $2.5 million in debt against just $400,000 in assets.
- The financial difficulties are largely attributed to significant permitting delays and rising costs associated with its expansion into Philadelphia.
- As part of the restructuring, Taylor Chip has closed its two Philadelphia locations, but its stores in Manheim Township, Gordonville, Hershey, and York, Pennsylvania, will remain open.
- A substantial portion of the company's liabilities, over $1.8 million, is tied to loans from the Small Business Administration, including Paycheck Protection Program funds.
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