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Chicago Frozen Yogurt Company Berry Chill Declares Bankruptcy

The frozen yogurt trend that has been sweeping metropolitan centers across the country might be cooling off – the latest victim of the winding down trend may be Berry Chill, a Chicago fro-yo company, has filed for Chapter 11 reorganization bankruptcy in tough times.

As the sweet treat enjoyed a recent bump in popularity, at least four frozen yogurt chains sprung up in the Chicago area in 2008. Now, however, many are struggling financially. The frozen desert company’s founder and CEO Michael Farah says that they need to get out a few bad leases and reorganize their efforts before clearing up their financial issues and meeting with success.

Berry Chill has a flagship location at 635 N. State St. In addition, its locations include 132 N. LaSalle St., and Ogilvie Station at 500 W. Madison. Farah says that too many of its locations don’t make sense for a business trying to attract evening and weekend business. He is actively looking for new investors.

The U.S. Bankruptcy Court in the Northern District of Illinois says that Berry Chill has between 50 and 99 creditors and that the frozen yogurt business reported $1 million to $10 million in assets and $1 million to $10 million in liabilities. The company owes creditors for start-up costs, taxes, legal services, rent, and operating expenses. The company made $3 million in 2009 and hoped to expand the business to four other cities and make $6 million in 2010.

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