UK Cafe Chain Falls Into Administration Amid Fraud Probe
Law360 (January 22, 2019, 8:09 PM EST) -- British cafe chain Patisserie Valerie entered administration Tuesday after failing to secure a financial lifeline to cover a multimillion pound financial hole thought to be the product of fraudulent accounting, threatening the jobs of some 3,000 employees.
The bakery chain said Tuesday that talks with HSBC Holdings PLC and Barclays PLC to extend a standstill agreement preventing debt collection efforts were unsuccessful.
An estimated 70 cafes and concessions will close over the next few days, according to the accounting firm overseeing the cafe's administration, KPMG LLP, but 121 locations will stay open in the hopes of finding a buyer.
Employees will continued to...
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