An almost centenarian Chicago candies The manufacturer has filed for bankruptcy as rising costs and heavy debt pressure its business.

Primrose Candy Company, a family-owned manufacturer known for its hard candies, chewy treats and popcorn, applied Chapter 11 bankruptcy protection on Tuesday in the U.S. Bankruptcy Court for the Northern District of Illinois, according to court documents.

The company is seeking to restructure more than $12 million in debt and obtain new financing to cover payroll for its approximately 90 employees as well as other operating expenses. the Chicago Tribune informed

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Mint candies are shown in this file photo. (iStock)

Court documents show Primrose reported assets of between $1 million and $10 million, while liabilities were estimated to be between $10 million and $50 million.

“What we have is a lot of old, old debt that we can’t afford to pay in full,” David Welch, an attorney representing Primrose, told the Chicago Tribune. “Our hope is to confirm a reorganization plan in the future, months down the road, that will allow us to service that old debt, but not have the old debt be part of our cash flow requirements on a current basis.”

The the company’s income has also fallen, falling to $7.8 million last year from $11.8 million in 2024, according to the Chicago Tribune.

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Popcorn is shown in this file photo. (iStock)

“The cost of making the same candy is a lot more than it used to be, and you can’t keep up with your prices to absorb all those costs when you have a lot of old debt that you also have to serve,” Welch said.

Founded in 1928, Primrose sells its products in bulk to retailerswho then market them under different brands.

The filing follows a wave of bankruptcies in the retail and restaurant industries.

Restaurant franchisor FAT Brands, which owns popular fast-casual chains such as Fatburger, Johnny Rockets and Twin Peaks, recently filed for bankruptcy amid mounting debt of approximately $1.3 billion.

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The Chicago skyline is seen landing at Midway Airport on August 16, 2024. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

A major Popeyes Louisiana Kitchen franchisee that operates more than 130 locations has also filed for bankruptcy in recent weeks.

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Primrose Candy Company did not immediately respond to FOX Business’ request for comment.

Daniella Genovese and Bonny Chu of FOX Business contributed to this report.