Company that owns James’, Fralinger’s files for bankruptcy
A mainstay of the shore is sticking around despite just filing for bankruptcy.
James Candy Company, which owns James’, Fralinger’s Salt Water Taffy and Bayard’s Chocolates, filed afor Chapter 11 last week as a proactive move after an underperforming 2018 summer season, Chief Operating Officer Lisa Glaser Whitley told BreakingAC.
“The combination of reduced Atlantic City visitors and Boardwalk foot traffic since 2006, the underperformance of 2018 summer sales along the New Jersey seashore and the continuing increased cost of business operations has impacted our efforts to remain a profitable business,” said Frank Glaser, CEO and president. “Over the last several years we have worked very hard to transform our business and cut costs. While these efforts made great strides, the plan was not able to deliver the results the company needed.”
“The most important thing I would ask is that people know we’re here and we’re continuing to serve our customers like we have in the past,” Whitley said.
James Candy has 11 stores, including five in Atlantic City. The most recent is inside the Hard Rock Hotel & Casino Atlantic City.
James Candy will continue to operate all of its stores along with its online mail-order business, Whitley said. Holiday orders will not be affected.
They will continue to pay their employees’ wages and benefits, and are working with creditors, vendors and otehr business partners to maintain service to customers, Glaser said.
The filing submitted Wednesday shows property worth more than $2.7 million and liabilities of more than $3 million.