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HONOLULU (KITV) — Locally owned and operated, Love’s Bakery, a fixture in Hawaii for over 169 years, will cease operations at the end of March due to losses attributable to Covid-19.
Interim president Daryce Hamamoto submitted a Worker Adjustment and Retraining Notice (WARN) letter to the Department of Labor and Industrial Relations Monday afternoon, stating the company will terminate 231 employees on March 31, 2021.
Haramoto says declining revenue, increased costs of ingredients, and replacing aging equipment became too much for the bakery to bear.
The letter reveals the bakery is seriously delinquent in its rent at its Middle Street location and five outlet retail stores on O’ahu, Hawai’i Island, and Maui.
Haramoto says the bakery was not approved for the second disbursement of Payment Protection Program monies and could not secure additional funding.
“Love’s Bakery has been a beloved brand for nearly 170 years,” stated the Love’s Bakery Management Team. “We have worked diligently to cut expenses, to maintain our market share and to remedy our operational difficulties, however under the current business environment, we are no longer able to continue operations. Love’s local management is committed to closing its doors in a responsible manner. We wish to thank all of our employees, suppliers, customers, friends, neighbors, and business partners for their loyalty and support.”
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Source: Thanks https://www.kctv5.com/bakery-to-close-after-nearly-170-years-in-business/article_c6276712-9dec-5edd-a022-a3f836ffbaca.html