Awrey Bakeries Sold as an Ongoing Concern
Facility is set to re-open, saving hundreds of jobs within the Livonia, Michigan community.
Loeb Winternitz Industrial Auctioneers announces the On-Going Concern sale of the Awrey Bakeries to a new operating company and will re-open March 2013. As a result, the 2-day auction planned for February 20th and 21st, will not take place.
Awrey officials notified the auction group of an offer submitted at the eleventh hour to avert the break-up of the company. The offer was negotiated by Awrey officials, its consultants, attorneys and professionals. The on-going concern sale is expected to close immediately.
"We are very pleased to have provided Awrey with our assistance during these crucial hours," said Charles Winternitz, President of Loeb Winternitz. "It's not an easy process when you are up against the clock. They have exceptional equipment and a substantial customer base, and we hope they have an easy transition in re-opening the facility. This is a great opportunity for the new owners of Awrey Bakeries, the employees of Awrey and the City of Livonia. We wish everyone much success!"
Working in partnership with Rabin Worldwide and Union Confectionery Machinery, Loeb Winternitz Industrial Auctioneers was able to fully prepare the site for auction while simultaneously, allowing the discussions between Awrey and their potential buyer to continue.
About Awrey Bakeries
Awrey Bakeries was founded in 1910 and was one of the largest privately owned bakeries in the U.S. The facility produced fresh and frozen pastries, breads, cakes, donuts, biscuits, and muffins. Daily operations ceased in February 2013. For more information, please visit: www.awrey.com
About Loeb Winternitz & Loeb
Loeb Winternitz Industrial Auctioneers, a subsidiary of Loeb, is a full service auction division specializing in Webcast and Online Only auction asset disposition services. Combining 250 years of family business values between Loeb and Winternitz Auctions, our knowledge extends across many different industries in which we currently sell, appraise and finance machinery and equipment. For more information, please visit: www.loebwinternitz.com
For five generations since 1880, Loeb has been a trusted provider of reliable equipment and related services that help manufacturing and financial companies grow their business. Headquartered in Chicago with a 150,000 square foot facility, Loeb provides equipment, appraisals and financial services to global banking organizations and manufacturing companies specializing in the food, pharmaceutical, cosmetics and chemical industries. Loeb services and business units include: equipment sales and purchases, certified market appraisals from Loeb Appraisal, liquidation and auction services from Loeb Winternitz Industrial Auctioneers, and purchase lease back financing from Loeb Financial Services. For more information on Loeb or any of its business units, please visit: www.loebequipment.com