Maines Paper & Food Service, Inc. BB #:172876, Conklin, NY, a 101-year old distributor with $3.5 billion in annual sales, filed Chapter 11 bankruptcy, with a plan for liquidation.
The Chapter 11 petition was filed June 11 in U.S. Bankruptcy Court in the District of Delaware.
The plan must be approved by creditors and the bankruptcy court must approve it. Otherwise it may be dismissed or converted to a Chapter 7 plan.
Maines also does business as MainSource, MainSource Food & Party Warehouse, Produce Express and Maines Food & Party Warehouse.
According to its filing, it lists assets of $1,000,001 to $10 million and liabilities of $100,00,001 to $500 million.
Among its largest creditors are Restaurant Services of Miami at $11.8 million; Tim Hortons USA at $6.8 million; Birchwood Foods, Columbus, OH, $2.5 million; Impossible Foods, Redwood City, CA, $2.5 million; and T Marzetti Co., Columbus, OH, $1 million.
On May 20, the owners of Maines sold it to Lineage Logistics, BB #:294667 a temperature controlled logistics company.
According to the Binghampton Press & Sun Bulletin, Maines laid off hundreds of workers this spring due to business problems associated with the pandemic. Company documents indicated sales drops as high as 70 percent.