Aurify Brands Expands Le Pain Quotidien Footprint in New York City
Plans to Convert and Reopen Shuttered Maison Kayser Locations as Le Pain Quotidien Restaurants, Expanding Brand's National Footprint to More Than 60 LPQs Across Seven States
Aurify Brands yesterday announced that it is expanding its Le Pain Quotidien footprint through the planned addition of at least 10 new restaurant locations in New York City and the acquisition of a state-of-the-art commissary. The transaction was accomplished through a sale process in the Chapter 11 cases of certain Maison Kayser entities, in which Aurify Brands served as lead bidder after the chain shuttered its operations primarily due to COVID-19.
"We are big believers in New York City and are thrilled to add these strong locations in this key market to our LPQ portfolio," said John Rigos, Co-CEO of Aurify Brands. "This latest expansion of our platform reflects our long-term commitment to our home market, the hospitality industry, and the communities we serve, especially during these unprecedented times. It is gratifying to us that our loyal guests across the country are returning to LPQ, and we expect that the addition of these complementary locations across Manhattan will further engage our customer base as we continue to build this quality brand nationally."
In June, Aurify Brands added Le Pain Quotidien to its roster of leading brands. Since then, it has reopened or slated for reopening 50 LPQ restaurants to serve new and returning customers in select cities and suburban markets across New York, California, Connecticut, Maryland, Virginia, the District of Columbia, and Florida. The LPQ relaunch by Aurify Brands has created more than 600 jobs to date, with an additional 150 expected to be created when the former Maison Kayser locations are converted to LPQ restaurants and reopened in early 2021. When operations return to full capacity as COVID-19 restrictions are further lifted, Aurify Brands projects total job creation of 1,200 or more across the LPQ portfolio.
The acquisition of substantially all of Maison Kayser's assets by Aurify Brands was approved by the U.S. Bankruptcy Court for the Southern District of New York on October 29 and closed today.
Katten Muchin Rosenman LLP served as legal counsel to Aurify Brands; CohnReznick LLP served as financial advisor; and RCS Real Estate Advisors served as real estate advisor on the transaction.