PHOENIX — Phoenix-based bakery Noble Bread and its associated restaurant, Noble Eatery, have filed for Chapter 11 bankruptcy protection. The owner of the companies directed the blame for the financial missteps toward its former bookkeeper.
On May 29, Noble Goodness LLC, which does business as Noble Bread, and four other related companies, filed voluntary petitions in the U.S. Bankruptcy Court for the District of Arizona. A Chapter 11 bankruptcy allows the business to continue operating while restructuring its debt, rather than a Chapter 7 filing which typically leads to a complete liquidation of the company.
Noble’s decision to file for Chapter 11 protection was strategic and not forced, Jason Raducha, the owner of Noble Bread, said in a statement sent to the Business Journal. The company will not be shutting down or liquidating assets during bankruptcy proceedings.
