What's Happening?
Miyoko Schinner, founder of Miyoko’s Creamery, failed in her last-minute bid to buy back her plant-based dairy brand. Schinner raised $103,000 via GoFundMe but was unable to secure the winning bid in the Assignment for the Benefit of Creditors (ABC) process.
The brand, known for its plant-based cheeses and butters, faced insolvency after Schinner was removed as CEO in 2022. Despite the setback, Schinner expressed intentions to start a new food company that aligns with her values of equity, justice, and animal welfare.
Why It's Important?
The failure to reclaim Miyoko’s Creamery highlights the challenges faced by founders in retaining control over their companies amidst financial difficulties. Schinner's experience underscores the complexities of the ABC process and the competitive nature of business acquisitions. Her commitment to starting a new venture reflects the ongoing demand for ethical and sustainable food products, which could influence future trends in the plant-based food industry.
