AC’s Formica Bros. Bakery Filed For Chapter 7 Bankruptcy
The iconic Formica Bros. Bakery in Atlantic City just filed for Chapter 7 bankruptcy and according to PressOfAtlanticCity.com, it is due to "difficult economic conditions and two severe workplace injuries that resulted in amputations and lawsuits."
But, the company's future is not as bleak as it may sound. The famous "Atlantic City bread" will still be made and 67 of the 71 bakery employees will keep their jobs.
However, in order to keep the business alive, third generation owner and operator Frank Formica had to lease the assets meaning that he is currently not in charge for the time being.
“I am out of ownership and cannot enjoy the profits of the business,” Formica said. “The only thing I may be able to do is be a consultant to the business under a managed fee.”
However, Formica is set on doing whatever it takes to keep this company alive, even if it means he has to take a temporary ride in the back seat.
Pat McKenna, who is now in charge of the leases, has promised to keep things running as it was to get the company through.
“If it’s not made in Atlantic City, it’s not ‘Atlantic City bread’,” McKenna said. “I’m told it’s the water.”
To take a look at the original article and get more information on the two employee injuries, head to PressOfAtlanticCity.com.
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