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.
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.
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