Today: 20.09.2018
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Swedish coffee chain Fika files for bankruptcy.

Fika has fizzled. The swanky Swedish coffee shop — which has been closing stores across Manhattan over the past year following an overly ambitious growth spurt — filed for Chapter 11 bankruptcy protection on Friday. There are now just seven locations in Manhattan — down from 14 last March when The Post reported on a...
Time: 15:48     Date: 14.09.2018
Last US Business News: Swedish coffee chain Fika files for bankruptcy. NY Post 24 - US News

The swanky Swedish coffee shop — which has been closing stores across Manhattan over the past year following an overly ambitious growth spurt — filed for Chapter 11 bankruptcy protection on Friday.

There are now just seven locations in Manhattan — down from 14 last March when The Post reported on a rash of Fika store closures. At its peak, the chain had operated as many as 20 New York stores since it first set up shop in the Big Apple in 2006.

“The retail coffee space is brutally competitive and with minimum wage going up its only going to get worse,” said bankruptcy expert Adam Stein-Sapir of Pioneer Funding Group.

“Due to the nature of their business, they’re required to be in high-rent, high-traffic areas.”

Fika — whose name means “coffee break” in Swedish — did not immediately respond for comment.

Last year, Fika’s director of strategy and communications Lena Khoury told The Post the company was closing underperforming locations and expected to open new shops in the Big Apple.

Fika, she insisted, was “shifting some of our resources” to focus on the company’s wholesale business.

The coffee chain, which in addition to coffee sold homemade chocolate, bakery items and sandwiches, had between $10 and $50 million in debts and up to $1 million in assets, according to its bankruptcy filing in the Southern District of New York

Among its creditors are about eight real estate firms that are owed substantial amounts of back rent, including Related Companies which is owed $276,957 for a location at 157 7th Avenue, according to the filing.

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