(Bloomberg) -- Sugarfina Inc., the chain of luxury candy shops backed by some of the biggest names in banking and entertainment, filed for Chapter 11 bankruptcy protection in Delaware Friday.
Posh candies like Champagne gummy bears for $8.50 and bourbon-and-toffee chocolate bars at $9.50 are part of Sugarfina’s lineup. Locations are scattered around Manhattan landmarks such Rockefeller Center, and other cities that include Los Angeles, Dallas, San Francisco and Toronto, according to its website.
The company listed assets and liabilities of up to $50 million in its bankruptcy petition.
The privately held string of candy boutiques counts rock star Bono (Paul David Hewson) and Goldman Sachs Group Inc. Chief Executive Officer David Solomon among its minority shareholders, court papers show. Neither is likely to see his fortunes seriously impaired, which each of them listed as holding less than a 1% stake.
Private equity firm Great Hill Partners LLC provided $35 million of equity financing to the company in 2017, according to a statement at the time. Sugarfina launched online in 2012 and opened its first boutique in Beverly Hills in 2013.
Documents filed as of late Friday didn’t provide a narrative of what went wrong for Sugarfina. A representative for the El Segundo, California-based company didn’t immediately provide a comment.
Representatives for El Segundo, California-based Sugarfina, Great Hill Partners and Bono didn’t immediately provide a comment. David Solomon didn’t immediately respond to messages seeking comment.
The case is Sugarfina Inc., 19-11973, U.S. Bankruptcy Court District of Delaware.
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