Aurify Brands, which purchased Le Pain Quotidien earlier this year, is expanding the brand thanks to its other recent acquisition, bakery chain Maison Kayser.
Aurify will convert at least 10 shuttered Maison Kayser locations into Le Pain Quotidien restaurants, the operator announced this week. The company also acquired a commissary kitchen.
“We are big believers in New York City and are thrilled to add these strong locations in this key market to our LPQ portfolio,” John Rigos, co-CEO of Aurify, said in a statement.
Aurify acquired Le Pain Quotidien in June and has since reopened or slated for reopening 50 units in six states and Washington, D.C. Aurify’s acquisition of most all of Maison Kayser’s assets closed earlier this week.
Aurify also owns Melt Shop, The Little Beet and Fields Good Chicken.
Maison Kayser had 16 units and about $73 million in secured debt, according to bankruptcy documents.
Aurify agreed to pay $3 million for Maison Kayser as the “stalking horse bidder” plus what it paid to acquire the chain’s debt.
Le Pain Quotidien declared bankruptcy in May and proposed a sale to Aurify for $3 million as a way to preserve some of its operations.
New York City-based Le Pain Quotidien operated 98 restaurants under a licensing agreement with its Belgian parent company.
COVID-related pressures contributed to the bankruptcy of both brands, the chains said.