Tattooed Chef

Tattooed Chef To File For Bankruptcy, Liquidation

July 5, 2023
High-flying run as maker of frozen plant-based foods ends.

Tattooed Chef Inc., a high-profile public company making frozen plant-based foods, announced on June 30 it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code and likely will liquidate all of its assets.

The Paramount, Calif., company expects to continue operations during the bankruptcy process, including paying employees and continuing existing benefits programs, meeting commitments to customers and fulfilling go-forward obligations, including key vendor payments, the company said in a statement to investors.

In its annual report for the year ending Dec. 31, 2022, Tattooed Chef reported sales of $231 million and a net loss of $142 million, nearly double the prior year’s deficit.

The company, founded in 2018, claims “a vertically integrated operating infrastructure supported by approximately 400,000 square feet of manufacturing capacity, and extensive branded and private label manufacturing capabilities.” Along the way, it acquired Myjojo Inc., New Mexico Food Distributors, Karsten Tortilla Factory and Belmont Confections, plus a factory in Italy.

“The company will market its assets and solicit competing bids from interested parties. The bidding process is designed to achieve the highest and best price for the company’s assets” in an expedited sale process, the announcement said.

“I remain ever grateful to our colleagues at Tattooed Chef who helped to shape this remarkable journey and help to introduce plant-based foods and healthy eating to consumers across the country,” said Salvatore “Sam” Galletti, president/CEO. “Despite their commitment to our mission and our best efforts to maintain the operations of Tattooed Chef, our business has continued to be impacted by a challenging financing environment and an inability to raise additional capital.”

Galletti has more than 35 years’ experience in the food industry, including serving as president/CEO of Ittella Parent since it was founded in 2009 as Stonegate Foods. Tattooed Chef was an outgrowth of Ittella. He had earlier operational or investor roles at Sonora Mills, Good Karma Foods, and others.

Sarah Galletti, Sam’s daughter, is THE Tattooed Chef and the company’s creative director and public face. The company’s products include Plant-Based Burrito Bowl, Organic Riced Cauliflower Stir Fry and Sweet Chili Chicken Quesadilla.

About the Author

Dave Fusaro | Editor in Chief

Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.

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