Candy store chain It’Sugar filed for chapter 11 protection on Tuesday, citing its inability to make up for sales amid the COVID-19 pandemic, the Las Vegas Review-Journal reported. It’Sugar, a Florida-based company owned by BBX Capital Corp., said its four locations in Las Vegas, including its U.S. flagship location on the Strip, will remain open while the company goes through bankruptcy proceedings. The retailer shuttered its approximately 100 locations nationwide in March because of the pandemic and opened in June and July, but sales haven’t improved. It’Sugar said that 60 percent of its annual sales are related to travel and tourism. According to court documents, most of It’Sugar’s unsecured debt claims are from landlords, including $502,973.28 in rent money owed for the Grand Bazaar Shops store and $458,238.36 to the Grand Canal Shoppes. The company stopped paying rent or has only made partial payments as company executives tried to negotiate deferment or abatement deals with its landlords, according to Levan. “This has not occurred and resulted in the decision to file bankruptcy proceedings,” he said.
