The plant-based company Tattooed Chef declares bankruptcy after failing to secure new finance. The company is now looking for a buyer.
According to a June 30 statement from Tattooed Chef, the private-label and branded manufacturer, which was founded in 2018, wants to file for Chapter 11 bankruptcy protection in California and pursue the sale of nearly all of its assets.
The company has “provided notice of intended layoffs” to an unspecified number of workers at its facilities in California and New Mexico, while it will continue to run for the time being. Just Food has gotten in touch with Tattooed Chef to ask about the numbers at play.
Despite obtaining USD12m in unsecured loans from chairman and CEO Sam Galletti, Tattooed Chef said it “evaluated a wide range of funding possibilities” before starting the Chapter 11 procedures.
The UK-based The Meatless Farm, which likewise failed to find more funding and ultimately had to sell its meat-free brand to peer VFC Foods last month while the business was still in a state of bankruptcy, welcomes Tattooed Chef. The Very Good Food Company in Canada, another company centered on plants, failed in January.
Although there is less of a desire for meat alternatives and other plant-based foods globally, Tattooed Chef cautioned that sales will fall this year and emphasized the necessity to raise money in May.
Find out more at: https://tattooedchef.com/