Just days before Halloween, when candy sales typically peak, CandyWarehouse.com has filed for Chapter 11 bankruptcy protection. The Texas-based distributor, known for its wide array of bulk and novelty candies, is seeking to reorganize its finances after a significant revenue dip earlier this year made it difficult to keep up with mounting debt, reports the Austin American-Statesman. Court documents reveal the company has just under $224,000 in assets but owes $3.2 million to creditors, including more than $2 million to the Small Business Administration.
"We're just a small company competing with giants like Amazon, Target, and Walmart—a little fish in a big sea," CEO Mimi Kwan tells Today. Despite the bankruptcy filing, CandyWarehouse.com says it will keep operating while it hashes out a blueprint for restructuring its debts, though there's a hearing on Wednesday to determine if that will be permitted. The company's website remained active as of Wednesday morning, and no immediate changes to order fulfillment or online sales have been announced.
Founded in 1998, the woman- and minority-owned business grew alongside the e-commerce boom but has in recent times faced the same pressures hurting other online retailers, including persistent inflation and rising shipping costs. There's also been a trend of consumers shifting toward a healthier lifestyle and away from sweet treats, per the Independent.
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