Candy giant It’Sugar files for bankruptcy protection - Eater Vegas
"Even bulk candy retailers are feeling the effects of the coronavirus pandemic. On Tuesday, candy purveyor It’Sugar filed for Chapter 11 bankruptcy protection in the Southern District of Florida. The chain, owned by BBX Capital Florida LLC, blames the pandemic for affecting demand, sales levels, and consumer behavior. The candy store, which has four locations in Las Vegas, says that travel and tourism makes up about 60 percent of its sales, and during the pandemic, the company closed about 100 locations nationwide in March, reopening many in June and July. In Vegas, the company has locations at the Grand Bazaar Shops, as well as the Grand Canal Shoppes, Town Square, and Downtown Summerlin. One huge obstacle to overcome? Rent. It’Sugar says it stopped paying rent or only made partial payments to its landlords. The company says it received notices of default from the landlords of 49 of its retail locations. The Las Vegas Review-Journal reports that the location at the Grand Bazaar Shops owes $502,973.28 in rent. All locations plan to remain open as the company restructures. It’Sugar offers novelty candies such as the World’s Largest Boxes of Nerds, exclusive candy lines with television shows such as Saturday Night Live and Stranger Things, giant boxes of all pink Starbursts, and exclusive Elvis PEZly PEZ dispensers. Shoppers can find Las Vegas Sour Patch Kids boxes and apparel, Elvis and Marilyn Monroe sculptures made out of Jelly Belly Beans, and a Tipsy Scoop serving liquor-infused ice cream at the Grand Bazaar Shops location." - Susan Stapleton
