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Mrs. Fields Famous Brands is a franchisor in the snack food industry, with Mrs. Fields® and TCBY® as its core brands. Through its franchisees’ retail stores, it is one of the largest retailers of freshly baked, on-premises specialty cookies and brownies in the US[1] and the largest retailer of soft-serve frozen yogurt with live active cultures in the United States[1]. In addition, it operates a gifts and a branded retail business and has entered into many licensing arrangements. Its franchise systems includes over 1,200 franchised and licensed locations throughout the US in 22 other countries. The Company is headquartered in Salt Lake City, Utah.
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History
Mrs. Fields Cookies was founded by Debbi Fields (b. 1956, Park City, Utah) in the late 1970's. She and her husband, Randall K Fields, opened their first of many stores in 1977 in Palo Alto, California, selling homemade-style cookies which quickly grew in popularity. In the early 1990's, the company was sold to an investment firm.
During the 1990's, the company acquired several other brands, including Original Cookie Company, Great American Cookies, Pretzel Time, Pretzelmaker, Hot Sam's, and TCBY.
In 2007, Mrs. Fields celebrated its 30th Anniversary with a national search for a new cookie.
Financial Status
Since early 2006, Mrs. Fields has seen several rounds of layoffs as a result of restructuring efforts. Loss of personnel was due, mostly in part, to the sale of three of the company's brands. In August of 2007, Nexcen Brands, Inc. purchased the Pretzel Time and Pretzelmaker concepts from Mrs. Fields Famous Brands. Great American Cookies was then sold to Nexcen in February of 2008.,[2]
June 5, 2008 - Mrs. Fields announced plans to began efforts to restructure their debt by offering a deal to current bondholders. The plan also included the option of filing a prepackaged bankruptcy in the event enough noteholders didn't agree to the offer.[3]
July 10, 2008 - Stephen Russo resigns as CEO. On July 15, 2008, the Board of Managers of the Company appointed Michael R. Ward and John Lauck as Interim Co-Chief Executive Officers to fill the role vacated by Stephen Russo.[4]
August 15, 2008 - Mrs. Fields Famous Brands announced plans to implement a prepackaged Plan of Reorganization and file for Chapter 11 bankruptcy.[5]
August 24, 2008 - Mrs. Fields Famous Brands officially files for Chapter 11 protection.[6]
August 26, 2008 - Mrs. Fields Famous Brands releases a statement[1] announcing that the bankruptcy court has approved all first day motions. These motions grant approval to:
- -Continue to pay employee salaries, wages, and benefit programs;
- -Pay vendors in the normal course of business for goods and services provided to the Company;
- -and Maintain uninterrupted delivery of products and services to the Company’s franchisees and customers.
The statement also mentions that the company expects to emerge from Chapter 11 within 45 days.
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