From the Chicago Tribune, news that Mrs. Fields will file for protection from creditors under Chapter 11 of federal bankruptcy law. It's a "pre-packaged" plan, which isn't as dire as an emergency filing. And creditors are supposed to be paid 100 percent. Still, it shows the pressure that luxury foodmakers are under.

Mrs. Fields Famous Brands LLC, the cookie and frozen yogurt company based in Salt Lake City, said it plans to file for bankruptcy and began seeking support from creditors for a "prepackaged" Chapter 11 plan.

The company filed the turnaround plan Friday with the Securities and Exchange Commission. Unsecured creditors would be paid in full under the proposal while equity holders would get nothing. Funds affiliated with Capricorn Investors LP are the majority owners of Mrs. Fields and support the restructuring, according to the SEC filing.

In a prepackaged bankruptcy, creditors vote on terms of the reorganization before the actual bankruptcy filing, allowing the company to emerge from Chapter 11 more quickly. Creditors must vote by Sept. 15.

The company has 1,268 franchised and licensed locations in the U.S. and 21 other countries, the company said in court filings.