More than three decades after opening its doors in Hato Rey, Puerto Rican bakery The Swiss Cake has closed and filed for Chapter 7 bankruptcy protection to liquidate its assets.
The bakery, founded in October 1976 and has been a fixture on Roosevelt Ave., reported nearly $510,000 in debt in its petition filed earlier this week at the U.S. Bankruptcy Court in San Juan. The company listed about $24,000 in assets, mostly baking and kitchen equipment.
The lengthy petition includes a resolution by The Swiss Cake Inc.’s board approving the decision to liquidate the business. Company President Ricardo Rey-Rivera signed the petition.
About 10 employees were left jobless and are owed about $8,000 in wages, the filing stated.
Attempts to reach company officials were unsuccessful Thursday.
The U.S. Bankruptcy Court will hold the first meeting of creditors — which includes several government agencies and food industry suppliers — Aug. 30.