INDIANAPOLIS (WISH) — A popular-but-troubled local donut chain has filed for bankruptcy.
New Castle-based Jack’s Donuts shared the news on Facebook on Thursday – with an explanation of part of the process.
The post says it’s, essentially, a corporate move, and that it does not include individual franchises. “Our stores remain open, our teams are at work, and our commitment to quality, tradition, and community remains unchanged,” the store said.
The filing in U.S. bankruptcy court says Jack’s has more than $14 million in liabilities and less than $1.5 million in assets.
It’s a Chapter 11 bankruptcy, meaning the company hopes to reorganize and remain in business.
“For more than 60 years, Jack’s Donuts has been about more than donuts — it’s been about people. As we move through this process, our focus is the same: to ensure that the Jack’s experience continues for generations to come,” they said.
This is a developing story. This article was also based on a script that aired on WISH-TV.
