Mrs. Fields Plan of Reorganization Confirmed

SALT LAKE CITY--(BUSINESS WIRE)--Mrs. Fields' Original Cookies, Inc. (the "Company" or "Mrs. Fields"), announced today that it has successfully satisfied the restructuring conditions set forth in its Plan of Reorganization (the "Plan") and that the Plan has been confirmed by the United States Bankruptcy Court for the District of Delaware. In conjunction with the Plan, Mrs. Fields has:

  • Acquired a 3 year, $10 million senior term credit facility from a select group of its note holders that will be used, in conjunction with cash flows from normal operations, to support the Company's go-forward operations and working capital needs; and
  • Improved the Company's balance sheet by exchanging bondholder debt for cash, new bonds and a controlling equity stake in the reorganized company.

"This is a remarkable day for everyone associated with Mrs. Fields," commented Michael Ward, Interim Co-Chief Executive Officer. "We are very pleased to have a confirmed Plan of Reorganization only 40 days after filing our prepackaged bankruptcy petitions, and see this as a testament to the hard work of our outstanding employees, franchisees and vendors, and to the dedication of our loyal customers."

Through the bankruptcy process, Mrs. Fields was effectively able to address both long and short-term financial challenges and create a solid foundation for the future success of its brands. The Company now has a stronger balance sheet and the cash to fund both operations and growth within each of its business units: franchising, gifting, branded retail, and licensing.

Blackstone Advisory Services L.P. acted as the financial advisor to Mrs. Fields.

About Mrs. Fields' Original Cookies, Inc.

The Company is a well established franchisor in the premium snack food industry, featuring Mrs. Fields® and TCBY® as its core brands. Through its franchisees' retail stores, it is one of the largest retailers of freshly baked, on-premises specialty cookies and brownies in the United States of America (the "United States") and the largest retailer of soft-serve frozen yogurt with live active cultures in the United States. In addition, it operates a gifts and a branded retail business and has entered into licensing arrangements that attempt to leverage awareness of its core brands among its retail customer base. Its franchise systems operate through a network of more than 1,200 franchised and licensed locations throughout the United States and in 22 foreign countries. The Company is headquartered in Salt Lake City, Utah. On August 24, 2008, Mrs. Fields and certain of its subsidiaries filed voluntary bankruptcy petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.



comments powered by Disqus

Franchise News Room »

News By Industry »

Featured Opportunities

Ziggi's Coffee
There's nothing quite like the perfect cup of coffee. It wakes you up and gets you on the right path. Now, you've got the chance to build a lifestyle...
Launch Trampoline Park
Launch Trampoline Park is an indoor sports and entertainment facility featuring interconnected trampolines that form a giant jumping surface. Our...
Signage has never been more important. Right now, businesses are looking for new and better ways to compete.
Whimsy Cookie Company
With expertise in designing custom, hand decorated cookies, we pride ourselves in not only delivering impeccably designed cookies, but delicious...
Sbarro, LLC
An award-winning franchise company, Sbarro is known for selling XL NY pizza by the slice with dough made in-house daily & 100% Whole Milk...
Share This Page

Subscribe to Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.