Dippin Dots Declares Chapter 11 Bankruptcy
By Jessica Grabert 2011-11-04 15:44:13
Despite presenting itself as a cheery oasis in malls, theme parks, and at street festivals, Dippin Dots is a little less happy just under the exterior. The company has been having financial troubles for a while, racking up debts left and right, as well as small and large. It now owes nearly twelve million overall, with debts running from $657,000 to Peoples Bank to $7.16 million owed to Quimby Rubber Stamps Shoppe in Paducah, Ky, of all places.
Yesterday, these debts came to a head. CNN Money is reporting ďthe ice cream of the futureĒ filed for Chapter 11 after finding itself unable to reach an agreement with lender Regions Financial. Since Dippin Dots owes the secure lender company $10 million and the companyís assets only totally around $23 million, itís looking pretty grim for the cold dessert company.
If you are a fan of those yummy little balls of frozen goodness, thereís no need to panic yet. According to company spokesperson, Steve Heisner, Dippin Dots has no plans to become the ice cream of the past. Hereís my big worry: I donít know anyone who loves Dippin Dots. I know plenty of people who would totally be down for some Dippin Dots like once a year. However, all the advertising and business plans in the world wouldnít make those people pick up Dippin Dots more often. I donít want to say the company is doomed, but it could be "the Borders of the future."