A popular New Jersey Shore candymaker said Monday that it is filing for Chapter 11 bankruptcy reorganization but will continue to keep open its Boardwalk stores and online business.
James Candy Co., which sells Fralinger's Salt Water Taffy, has experienced declining sales for more than a decade while dealing with increased operating costs, CEO and president Frank J. Glaser said in a statement.
Reorganizing under Chapter 11 will allow the Atlantic City-based company to return to profitability, Glaser said. The company, which also sells the James brand of taffy and Bayard's Chocolates, is filing in the U.S. Bankruptcy Court for the District of New Jersey.
"We have already begun to work with creditors, vendors and other business partners to maintain service to our customers," Glaser said.