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PE-backed candy retailer Lolli and Pops declares bankruptcy

San Francisco-based candy retailer Lolli and Pops Inc. filed for bankruptcy protection in U.S. Bankruptcy Court in Wilmington, Del., The Wall Street Journal reported.

The company attributed its financial troubles to unprofitable deals with landlords, a distribution system that could not keep pace with expansion and declining foot traffic in shopping malls, where most of its shops are located, according to the report.

It listed liabilities ranging from $10 million to $50 million. First Republic Bank, which is owed $7 million for a loan, is among the unsecured creditors the retailer stated in its court papers, according to the report.

Lolli and Pops is backed by Greenoaks Capital Partners LLC and Paxion Capital LP, the report noted. Other shareholders include Riverwood Capital and V-Ten Investments LLC.

Lolli and Pops and two affiliates who also declared bankruptcy are represented by law firms Morris Nichols Arsht & Tunnell LLP and Theodora Oringher PC, while GlassRatner Advisory & Capital Group LLC will provide financial advice, according to the report.

Paxion will provide up to $7 million in financing, which will be used by the company as working capital, to finance other payments under the credit agreement and to pay administration costs, according to court papers.