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Miami Herald
24-05-2025
- Business
- Miami Herald
Popular pizza maker closed after Chapter 11 bankruptcy moves forward
Usually, when a business files for bankruptcy it's a relatively quick process. Sometimes a company enters Chapter 11 bankruptcy with a plan to emerge from it. In many cases, that means a buyer has placed a "stalking horse" bid. Related: Popular sports bar restaurant chain shuts down multiple locations Essentially, that's a minimum offer for the assets of the bankrupt company. The court will generally solicit other offers in order to make sure the most money possible goes to creditors. There are, of course, other factors. Sometimes the bankruptcy court will factor in whether the buyer plans to continue operations. If that happens, some employees keep their jobs and vendors have a chance of new orders being placed. Don't miss the move: Subscribe to TheStreet's free daily newsletter There's no single formula the courts use to decide on a best offer, but in general, they try to factor in what's best for the most people. In some cases, large creditors have legal standing and can reject offers that don't give them their money back. It's an ugly business where a lot of people end up losing, but it's the best way we have for winding down a company that can no longer pay its bills. Most bankruptcy cases take months, but some can drag out longer. Rustic Crust, which makes frozen pizza under a number of brands, had to close its New Hampshire factory in Sept. 2024. The shutdown was abrupt and surprised workers and customers. "Pittsfield's Rustic Crust, the town's third-largest employer, closed its doors mid-August after nearly three decades of business, laying off dozens of workers. Employees received a letter notifying them they were being let go "due to economic and industry forces beyond our control," New Hampshire Business Review reported. President and founder Brad Sterl said at the time that he hoped to keep the company going. "It was a sudden change that happened, and I'm hoping we can find a solution and to get as many people back to work as reasonably possible," Sterl told the magazine. "It was not a planned event." More Food & Dining: Iconic Warren Buffett candy store suddenly closing after 30 yearsWalmart's Sam's Club makes a Costco-style food court changePopular Trader Joe's wine brand has bad news, making harsh choice A press release issued by Rustic Crust shed more light on its closure. "Unfortunately, the private equity owner was unable to continue to fund the business and both lenders, local New Hampshire bank Walden Mutual Bank and national equipment lender PMC Global, Inc., were not able to accept the terms from two leading private equity groups attempting to save the business in the last ten days," it shared. Under court orders, Rustic Crust's "turnkey food manufacturing facility" was auctioned off on May 22. Bids were due by 3 p.m. that day, but the court has not shared the name of the winning bidder. "This auction is a unique opportunity for interested buyers to acquire a fully operational fresh and frozen food manufacturing facility previously owned and operated by one of the largest wood-fired pizza production companies in the United States. This facility, located in Pittsfield, NH, is equipped with advanced production machinery and offers a comprehensive setup for immediate turnkey operation or easy conversion for other production needs," according to a public notice. A stalking horse bid of $1.375 million was placed before the auction. Related: Famous Mexican restaurant unexpectedly closing, no bankruptcy The auction appears to be for the company's production facility and not its brand name or other intellectual property. "The facility is a custom-built, 28,000-square-foot property constructed in 2014 and outfitted with state-of-the-art machinery designed for the production and packaging of wood-fired frozen pizza and shelf-stable dough products," according to the notice. Rustic Crust sold pizzas and pizza dough to Whole Foods, Market Basket, Hannaford, Stop & Shop, and Publix, as well as other smaller retailers. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Business Wire
08-05-2025
- Business
- Business Wire
Forbes Magazine Names Five BerryDunn Principals Among America's 'Best-In-State CPAs'
PORTLAND, Maine--(BUSINESS WIRE)--BerryDunn, a full-service accounting, tax, and consulting firm, announces the recognition of five leaders named to the Forbes list of America's Best-in-State CPAs. The inaugural list includes BerryDunn Principals Dave Erb, Tammy Michaud, Mike Caouette, Jason Fournier, and Kathy Parker. Forbes' compilation of top CPAs 'with demonstrated excellence above and beyond' identifies 1,000 of the finest CPAs across all 50 states, rating nominated candidates according to a range of criteria, including expertise, innovation, thought leadership, experience, and service to the community and their profession. 'Each of these outstanding BerryDunn leaders has an impressive track record in their fields,' says Renee Bishop, COO, Assurance, Tax, and Advisory Services. 'We are proud of our colleagues, their trailblazing accomplishments, and their commitment to leadership in our industries. All consistently bring their talents to the table in support of the profession and the communities we serve.' 'These five honorees represent the very best of BerryDunn culture,' says Sarah Belliveau, President and CEO. 'We are a people-first firm, with our teams serving 30+ industries, and a demonstrated commitment to innovation and problem solving. The Forbes recognition is well deserved for our valued team members, Dave, Tammy, Mike, Jason, and Kathy.' The five BerryDunn Principals on the inaugural Forbes 'Best-In-State CPAs' list have distinguished credentials: Dave Erb leads BerryDunn's growing Commercial Practice Group. His journey in the CPA profession has been defined by dedication, leadership, and a passion for tax specialization. He has extensive experience supporting companies with inbound and outbound foreign tax issues as well as multi-state matters. Active in the industry, he was listed on Forbes' 2024 list of Top 200 CPAs and is a member of the Maine and Massachusetts Societies of Certified Public Accountants. Tammy Michaud began her accounting career at BerryDunn and has had a profound impact on the hundreds of healthcare and nonprofit organizations she has partnered with over her nearly 40 years. A Principal since 2001, she currently leads BerryDunn's Not-for-Profit Practice Group and chairs the firm's Board of Directors. Among her many achievements, she played a pivotal role in the successful acquisition of a home health-focused accounting firm, which has been nationally recognized for its work. Michaud was a 2022 New Hampshire Business Review most influential business leader and listed on Forbes' 2024 list of Top 200 CPAs. Mike Caouette brings 27 years of tax experience to his role. As a Principal at the firm, he specializes in tax services for the construction and professional services industries as well as high-net-worth clients. He is a subject matter expert in trusts and estates, tax strategies for high-net-worth families, and other specialty tax areas. As a leader in the industry, he develops strategies to help ensure maximum tax efficiency. Caouette was a founding member of BerryDunn's Learning and Development Committee, which was integral in laying the foundation for guiding the development journey for all employees. Jason Fournier leads the firm's Technology and Manufacturing teams and plays a key role on the Transaction Advisory Services team. With over 25 years of experience, he expertly guides clients through complex accounting and reporting regulations, helping them interpret financial information to maximize opportunities and address business challenges. As the Commercial Practice Group's Quality Assurance Liaison, Fournier helps ensure that the firm's high standards for accuracy and ethics are upheld. As an industry thought leader, he routinely develops insights that inform effective growth strategies for his clients. Fournier's community service includes serving on the Board of Directors at the Good Shepherd Food Bank of Maine. Kathy Parker leads the firm's Outsourced Accounting Practice Group, providing high-touch, high-tech, back-office services for family offices and emerging and established companies. Her expert team of accounting professionals works to identify efficiencies and streamline performance for clients in a variety of industries. In 2024, she was appointed to the Massachusetts Society of CPAs' Board of Directors and previously received the Society's 2023 Woman to Watch Award. About BerryDunn BerryDunn is the brand name under which Berry, Dunn, McNeil & Parker, LLC and BDMP Assurance, LLP, independently owned entities, provide services. Since 1974, BerryDunn has helped businesses, nonprofits, and government agencies throughout the US and its territories solve their greatest challenges. The firm's tax, advisory, and consulting services are provided by Berry, Dunn, McNeil & Parker, LLC, and its attest services are provided by BDMP Assurance, LLP, a licensed CPA firm. BerryDunn is a client-centered, people-first professional services firm with a mission to empower the meaningful growth of our people, clients, and communities. Led by CEO Sarah Belliveau, the firm has been recognized for its efforts in creating a diverse and inclusive workplace culture, and for its focus on learning, development, and well-being. Learn more at
