LOVELAND, Colo. - The assets of a bankrupt bakery business in Larimer County will be sold piecemeal at auction later this month.
Part-owner Chris Reppert of The Bakery Inc., better known as Schmidt’s Bakery in Loveland, went before trustee Joli Lofstadt at the Larimer County Court House Tuesday morning to list assets and liabilities accrued during his one year and four months of ownership. A dozen or more employees and a handful of creditors were also present.
The assets of the bakery will be auctioned on March 26.
Former owner Harry Schmidt attended the hearing and expressed an interest in being able to buy the business back. The trustee indicated it would be sold piecemeal at the auction.
A 23-year employee of the bakery who seemed to represent the former employees present declined an interview, but 7NEWS was able to speak with Reppert. He said that he and his partners took on the existing liabilities when they bought the bakery, and soon discovered other problems.
"We learned of other things as time went on, complications with meeting code, numerous repairs beyond what any of us could have imagined," he said.
Reppert indicated he is now in the same boat as the employees: looking for work.
While a businessman with the goal of profitability, Reppert also talked about more altruistic goals of providing local jobs for people in an environment that was both fun and educational. He said he actually slept at the bakery the first five months he was an owner and that he was only paid a total of about $40,000.
The Reporter Herald reported in February that the Chapter 7 bankruptcy filing listed just over $44,000 in assets, against more than $814,000 in liabilities. The business, the newspaper wrote, was shuttered so suddenly that customers were asked to leave without finishing their meals.