Today, they comprise nearly 40 locations, and each focuses on using fresh, elevated, better-for-your-body ingredients. “We saw the fast casual movement exploding, and we thought, why are we going to be franchisees when we can own the intellectual property?” In 2013, Aurify Brands was born-with Rigos and Stern as co-CEOs-and it quickly grew into several popular brands, including Fields Good Chicken, Five Guys, MAKE Sandwich, MeltShop, The Little Beet and The Little Beet Table. After building a significant franchise portfolio, they created their first original concept, MeltShop, in 2011. Rigos and Stern began passively investing in restaurant franchises-specifically, Subway and Dunkin Donuts-and eventually bought the rights for Five Guys in 2007. Our disciplines work very well together.”Īnd having complementary styles has paid off. “Andy is much more sensitive to the creative-the look and feel of things. “And we are so opposite in every way, it’s remarkable.” But the two soon realized they were the perfect business counterparts: “I’m very financially and numbers driven,” Rigos says. “It’s funny, because actually when we first met, we didn’t like each other,” Rigos ( above right) says, laughing. We are focused on continuing to position our brands for the long term and are excited to strategically grow our portfolio.When John Rigos and Andy Stern crossed paths while working at a technology incubator called IdeaLab in 1999, they weren’t exactly fast friends. “Especially during these unprecedented times, we are fortunate to be able to draw upon nearly two decades of industry experience, exceptional talent across our organization, and our innovative platform as we expand our presence within the hospitality industry. “At Aurify Brands, we are deeply committed to building quality brands that create one-of-a-kind experiences for our guests and unparalleled opportunities for our team members,” said Andy Stern, co-CEO of Aurify. At one time, the restaurant operated 290 units globally.Īurify, which looks to turn around the brand, has experience with Melt Shop, The Little Beet and The Little Beet Table, Fields Good Chicken, and Five Guys. location opened on Madison Avenue in New York City. The bakery attempted to address some of its shortfalls through expansion of its to-go and digital channels, but the onset of the pandemic stifled the initiatives.Īlain Coumont first opened Le Pain Quotidien in Brussels, Belgium, in 1990. Le Pain Quotidien cited several reasons for its bankruptcy including saturation of the market, expensive leases, underperforming stores, corporate turnover, changes to the supply chain and store staffing strategies, lack of investment in remodels and digital platforms, and an industry shift to off-premises. The bankruptcy filing avoided a Chapter 7 bankruptcy, or a complete liquidation of assets. At the time, Aurify committed to reopening at least 35 of the 98 domestic units, which all closed due to the COVID crisis. assets to restaurant operator Aurify Brands for $3 million through a Chapter 11 bankruptcy proceeding. In May, Belgian bakery chain Le Pain Quotidien agreed to sell its U.S. We look forward to welcoming back LPQ customers as we reopen locations across the country and are proud to continue to support the local communities in which all of our brands operate.” “Leveraging Aurify Brands’ operational expertise and financial resources as well as our platform’s proprietary tools, systems, and infrastructure, we see a significant opportunity to build on LPQ’s unique position in the marketplace, differentiated offering, and loyal customer base to fully realize the brand’s potential.
“We are thrilled to add Le Pain Quotidien, which has an ethos and mission we greatly admire, to our established and growing family of leading brands,” said John Rigos, co-CEO of Aurify Brands. The company said the return of Le Pain Quotidien will result in the creation of more than 1,200 jobs, including many former employees who were laid off because of the pandemic. Some stores are expected to reopen as early as mid-July.
The reopened stores are based in markets across New York, California, Connecticut, Maryland, Virginia, Washington, D.C., and Florida. Bankruptcy Court for the District of Delaware on June 26 and closed Tuesday. Restaurant operator Aurify Brands announced Tuesday that it plans to reopen more than 40 Le Pain Quotidien units after agreeing to purchase the brand out of bankruptcy for $3 million in May.
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