DES MOINES, WASH. — Partners Crackers on Jan. 18 filed for voluntary Chapter 11 protection in the US Bankruptcy Court for the Western District of Washington, citing a need to restructure its secured financial obligations.
Partners produces about 11 million crackers each day at its 150,000 square-foot plant in Des Moines, an expanded facility to which the company moved in 2017. Producing four brands (Partners Crackers, Blue Star Farms, Wisecrackers and All-American) with a wide variety of cracker sizes, flavors and ingredients, Partners employs more than 90 people and sells in all 50 states and across the world. The company also bakes cookies and other baked foods.
Partners said the decision to file for protection is an opportunity to strengthen its long-term sustainability and comes on the heels of record sales in 2020 and 2021. In the filing, Partners said it had gross revenues of $18.28 million in 2021, $11.7 million in 2020 and $8.16 million in 2019. Also in the filing, Partners listed 63 creditors, estimated assets of $25.98 million and estimated liabilities of $17.3 million.
The company expects business operations to continue as usual.
“As a second-generation family-owned business, we care deeply about our people, our community and our product,” said Greg Maestretti, chief operating officer of Partners. “We are grateful for the support and partnership that is the foundation of our continued success.”
The announcement comes four months after thepassingof the company’s founder, Marian Harris. Ms. Harris developed her own crackers and, realizing how popular they had become, set off to start a new business selling her crackers that the company describes as a perfect “partner” for any food. That’s how Partners Crackers was born in 1992.