Searcy-based Yarnell's Ice Cream files bankruptcy

AP News
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Posted: Aug 29, 2011 12:07 PM
Searcy-based Yarnell's Ice Cream files bankruptcy

Searcy, Ark.-based Yarnell's Ice Cream Company Inc. has filed for Chapter 7 bankruptcy less than two months after shutting down its operations.

The filing Monday with the U.S. Bankruptcy Court in the Eastern District of Arkansas in Little Rock lists $8 million in assets and $15.7 million in total liabilities.

The company said in a news release that it has received offers to purchase its assets, including property, the Yarnell's name, recipes and inventory. The company said the offers prohibit further comment.

Yarnell's ceased operations June 30 after nearly 80 years in business and laid off about 200 workers in Searcy as well as Tennessee and Mississippi.

The company cited a decline in ice cream sales and rising prices that it says has hit the industry hard.