Pipersville-based Brad’s Raw Chips, which operates under Brad’s Plant Based, filed for Chapter 11 bankruptcy protection earlier this week in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, writes Emma Dooling for the Philadelphia Business Journal.
The plant-based snack maker already has one of its creditors lined up to buy the company. Snack Right Super Foods, a subsidiary of Mexico-based Deshitec, will acquire the Bucks County company’s assets and assume its liabilities of around $2.63 million.
Brad’s has proposed to hold a public auction on November 10 to allow other potential buyers to place their bids, and to hold a sale hearing on November 21.
The company has estimated assets worth between $500,001 and $1 million and estimated liabilities of between $1,000,001 and $10 million. Brad’s also has between 100 and 199 estimated creditors.
Brad’s Plant Based, was founded by Brad Gruno in 2009. It sells air-dried, vegetable-based snacks such as kale chips, crackers made from cauliflower, and salad mixes. It originally operated out of a Pipersville facility but transitioned last year to outsourcing its operations to Deshitec, its prospective buyer.
Read more about Brad’s Raw Chips in the Philadelphia Business Journal.
