Candy retailer It'Sugar is slated to emerge from bankruptcy after nearly nine months of court proceedings, the South Florida Business Journal reported. The Deerfield Beach, Fla.-based chain is expected to finalize its chapter 11 reorganization process by the end of July, according to a statement from the company. When it does so, Fort Lauderdale-based BBX Capital will reacquire control of It'Sugar. The retailer had become its own entity when BBX restructured last year. It'Sugar filed for chapter 11 protection in September. At the time, BBX Capital said that the COVID-19 pandemic was to blame for It'Sugar's financial struggles. BBX Capital President Jarett Levan said tourism historically accounted for 60% of It'Sugar's annual sales and, at that point in the pandemic, travel was still at historic lows nationwide. On June 11, the U.S. Bankruptcy Court for the Southern District of Florida announced its intention to confirm It'Sugar's reorganization plan, according to the company. The confirmation order is expected to become final within a week, which will allow It'Sugar to officially emerge from bankruptcy proceedings after 30 days.
