Pusateri’s reportedly owes creditors more than $6 million, including $4,948,037.10 to Scotiabank c/o Canaccede International Management Ltd, which is Pusateri’s largest secured creditor. This is according to notices to creditors published by Albert Gelman Inc., who was appointed as the insolvency trustee for the grocer.
The total outstanding debt is $6.562,869, with the vast majority owing to Scotiabank, and the remaining $1.624 million divided over three Pusateri’s operations.
The notices — dated earlier this month on Aug. 13, with the first meeting of creditors scheduled for Aug. 30.
Pusateri’s Yorkville Limited location, which closed at the end of March, has the highest unsecured claims include SSK Signs Inc. ($15,485.11), Roltek International Inc. ($9,529.34), Russell Hendrix Foodservice Equipment ($9,040), Rahier Patisserie Inc. ($8,753.50), Mary Macleod’s Shortbread ($8,222.59), Bioraw, The Vegan Broker Inc. ($6,372), Gaucho Pie Co ($6,138.75), Zara’s Gourmet Kitchen ($6,077), Ma’s Best Foods Inc. ($5,130), and KPMG LLP ($4,957.31).
Pusateri’s Kitchen Limited has some of the unsecured debt owed internally to Pusateri’s Avenue Road ($13,835,101.44), but other businesses that are reportedly owed the most money (unsecured claims) include Happy Pops Inc., Martelli Foods Inc., Sugarfina, Oracle America, Inc and more.
The unsecured creditors who are reportedly owed the most across all locations (according to the notices) are Happy Pops Inc., Rahier Patisserie; KeHe Distributord, Martelli Foods Inc., and Lesley’s Party Sandwiches.
According to a recent report from the Toronto Star, some suppliers have contested the figures in the notices. For example, an employee from Martelli Foods emailed the publication and told them that they are only owed $1,306.40, and the owner of Happy Pops said that the company is only owed $1,065.43.
Last week, we reported on how Pusateri’s was closing all locations except for its flagship Avenue Road location after filing for bankruptcy.
“Pusateri’s has decided to consolidate our operations, including catering, into our flagship Avenue Road location, in an effort to preserve value, maintain our premium service and to ensure the long-term success and sustainability of our brand. Pusateri’s Eaton Center will also remain open in a limited capacity as a food service-only operation.” Pusateri’s Head of Marketing, Paolo Pusateri, confirmed to Streets of Toronto via email last week.
Correction: This article, which appeared online and in print, originally contained an inaccurate figure of $37 million in outstanding debt, which was the result of bankruptcy documents being misinterpreted. The accurate outstanding debt has been updated.
