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America's Test Kitchen Under Contract for Food52, Inc. Assets
America's Test Kitchen will provide debtor-in-possession financing to support Food52's operations during bankruptcy and aims to unite two leading culinary media brands.
- America's Test Kitchen agreed to acquire certain assets of Food52, Inc. through a court-supervised bankruptcy process, subject to approval by the United States Bankruptcy Court for the District of Delaware.
- Food52 filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to facilitate an auction sale and will file customary `First Day` motions to maintain operations.
- ATK agreed to provide a debtor-in-possession financing facility and is serving as the proposed stalking-horse bidder to support the auction and maintain Food52, Inc.'s liquidity.
- Food52's portfolio and community could be preserved as Food52, Inc. owns Food52, Schoolhouse, and Dansk, while America's Test Kitchen's TV shows, magazine, and podcasts provide broad audience reach.
- In statements accompanying the deal announcement, Erika Ayers Badan, CEO of Food52, said `We are delighted at the opportunity to acquire the Food52 brand assets and to grow this iconic brand that audiences love`.
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Food52 Files for Bankruptcy After Lender Pulls Plug
Food52 Inc., the once-red-hot Brooklyn-based cooking and home décor company, has filed for bankruptcy protection, a sharp turn for a brand that built its reputation on community, creativity and curated kitchens. The Chapter 11 filing came this week in Delaware bankruptcy court, just days after a sweeping round of layoffs left the 16-year-old company reeling and short on cash. Funding Cut Sparks Sudden Collapse Court documents show Food52’s lende…
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Total News Sources33
Leaning Left2Leaning Right3Center12Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
12%
C 70%
R 18%
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