Mastroianni Brothers Bakery is up for auction this week, nearly three months after the shuttered business filed for bankruptcy.
The intellectual property, which includes the rights to the company name, website domain and other assets, will be auctioned off on Wednesday morning. A second auction, where bidders can purchase the company’s equipment, is underway, and will continue online through Thursday.
The Rotterdam-based bakery closed in early July after years of declining sales. It had been open since 1923.
Warren Zeiser, former CEO of Mastroianni Brothers, said Tuesday that he knows of some interested parties that will be bidding on the company’s intellectual property. Zeiser made an effort shortly after the bakery closed to purchase the business, but was unable to strike a deal.
“I had really hoped to be able to restart the bakery,” he said. “There were just so many obstacles in the way and things delaying the process that I had to move on.”
Zeiser took over as CEO of the bakery in 2015 after years of financial losses. Mastroianni Brothers Bakery closed in July, then filed for chapter 11 bankruptcy in September.
It listed just over $800,000 in debt owed to about 55 unsecured creditors. Zeiser himself was owed $40,000 by the company, according to the bankruptcy filing.
The auction for the intellectual property will be held Wednesday at 10:30 a.m. at the James T. Foley courthouse in Albany.
The auction for the bakery equipment began Monday and will continue until 4 p.m. on Thursday. There are 228 items listed online associated with the auction, including mixer bowls, dough dividers, oven-loading conveyor belts, cooling racks and more.
Prices range from $4,000 for a 600-pound mixer to only $25 for items like office furniture and filing cabinets.
Zeiser said he’s hopeful the naming rights will be bid on by a local Italian bakery that could look to restart production of the brand.
“We’ll keep our fingers crossed a nice, upstate bakery will buy up the brand,” he said. “For me, I want to keep it authentic Italian bread.”
Reach Gazette reporter Brett Samuels at 395-3113, [email protected] or @Brett_Samuels27 on Twitter.