Wolfgang Candy, a 91-year-old York-based confectionery manufacturer, filed for Chapter 11 bankruptcy protection Tuesday.
Company president and CEO Benjamin McGlaughlin said the decision was a "proactive" move on the company's behalf, "to control more of our own destiny."
McGlaughlin said production continues and the company is operating "business-as-usual." The filing shouldn't affect the company's 100 employees, most of whom are seasonal manufacturing workers, and there aren't expected to be "hiccups" in customer deliveries, he said.
The business is in its peak season, with work expected to drop off after Easter, he said.
McGlaughlin said the company weathered the recession and was moving toward a position of profitability at the end of 2011, but its bank didn't accept a negotiated partnership agreement that would have allowed the restructuring of debt outside of Chaper 11, he said.
"We had planned it (Chapter 11) in the event that this had happened ... where the bank didn't accept the partnership," he said.