New York Bagel Files Chapter 11

New York Bagel Enterprises, Inc. announced that it has filed for bankruptcy under Chapter 11 which will afford the Company protection from its creditors. The Company expects to liquidate the Company and intends to submit a plan outlining the details of the liquidation to the bankruptcy court in the near future. The Company anticipates that the restaurants will remain open during the liquidation process.

Headquartered in Stillwater, Oklahoma, New York Bagel Enterprises, Inc., owns and Franchises New York Bagel restaurants and owns Lots A' Bagels restaurants that serve generous portions of fresh, high quality food with fast, friendly service at an attractive price-value relationship. New York Bagel and Lots A' Bagels restaurants provide a selection of up to 20 varieties of bagels that are made from scratch, boiled and baked throughout the day in the traditional "New York style."