The Chronic Consumer

I just read that the Mrs. Field’s cookie chain is planning to file for Chapter 11 bankruptcy protection by August 25, 2008. The parent company, Mrs. Fields Famous Brands LLC, reports that it has approximately $196 million in publicly traded debt, and has been struggling to turn a profit amidst declining sales.

Under Chapter 11 protection, the company will still exist and operate. They will likely bring in experts to help with restructuring and cost-cutting measures, but won’t disappear completely.

I actually like Mrs. Field’s cookies a lot, so this news is kind of disheartening. I could never pass up their shop at the mall without stopping for a white chocolate macadamia nut cookie (or three), and hope that the place by me doesn’t close once the restructuring gets underway!