Bankrupt Yarnell's assets sold at Searcy auction

AP News
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Posted: Dec 01, 2011 11:21 AM
Bankrupt Yarnell's assets sold at Searcy auction

Major assets of bankrupt Yarnell's Ice Cream Co. of Searcy have been sold to a Chicago-based company for $1.3 million.

Shulze and Burch Biscuit Co. purchased some Yarnell's equipment and its real estate during the bankruptcy auction Wednesday. Shulze and Burch has a toaster-pastry and granola bar business in Searcy _ but its plans for the Yarnell's property were not clear.

The Arkansas Democrat-Gazette reported that Shulze and Burch officials did not return a phone call for comment.

Some recipes were sold for $2,500 to David Davison who said he hopes to resell them for profit. Yarnell's "Guilt-Free" line was bought by former employee Jeff Holtz who told The Daily Citizen he hopes to restart the line.

Yarnell's filed for bankruptcy in August after shutting down operations in June.