Mrs. Fields

NEW YORK - Mrs. Fields Famous Brands LLC said Friday it plans to file for Chapter 11 protection.
The cookie company is reorganizing and working out a prepackaged plan with its creditors, according to a filing Friday with the Securities and Exchange Commission.
Representatives from Mrs. Fields did not immediately return calls for comment.
In the filing, Mrs. Fields, reported "aggressive competition" in its franchising business. "Many of our competitors have greater resources or more favorable business models than ours with which to attract new investors and procure sites," the filing said.
Mrs. Fields also said there has been a decline in customer traffic at shopping malls — a trend that has hurt revenue.
The filing also said the company has experienced a number of franchise store closings since its 2004 fiscal year, and this trend has continued throughout fiscal 2008. Mrs. Fields may need to close more stores in the future, according to the filing.
Many restaurant companies have struggled amid waning discretionary spending from consumers and high gas prices. And over the past several years, Mrs. Fields has altered product offerings and revamped stores to boost its competitive presence and lure customers into its locations.
In 1996, Mrs. Fields Original Cookie Company Inc. was formed when Capricorn Holdings bought Mrs. Fields Inc. and The Original Cookie Company. The company expanded through acquisitions, such as the frozen-yogurt business TCBY, Pretzel Time, and Great American Cookie.
Mrs. Fields has nearly 390 location in the U.S. and at least 80 locations abroad.