Smallhold Inc., a certified B-Corp specializing in organic mushrooms, has successfully emerged from Chapter 11 bankruptcy with support from Monomyth Group. The restructuring comes with major shifts, including the closure of farms in Texas, New York, and California, and a transition to working with independent organic farms nationwide.
"This marks a new chapter in the growth and future of Smallhold," said Chip Dunn, Founder & CEO of Monomyth Group. "The Smallhold team has built the leading specialty mushroom brand in the US. We have now put in place changes needed to execute on that vision. We are focused on evolving and scaling our national operations to deliver the same category-leading products and service through a profitable business model."
Monomyth Group's Founder and CEO, Chip Dunn, emphasized the fresh start: "We are focused on evolving and scaling national operations through a profitable business model." Despite the challenges, Smallhold remains committed to delivering its specialty mushrooms to over 700 retailers, including Whole Foods.
The Smallhold team remains focused on growing its portfolio of value-added packaged products, designed to rescue surplus and imperfect mushrooms in its supply chain, with an ultimate goal of inspiring and deepening appreciation for mushrooms in North America.
"We could not have gotten through this challenging time without the unwavering support and commitment from our retailers and customers," said Aurora Porter, Smallhold Chief Sales Officer. "Their support is a testament to our years-long partnerships and their values-driven approach with vendors. We are incredibly excited to expand our partner farm network, make strategic investments, and continue to grow the mushroom category with the support of our community."
Operations in the past months
Throughout the six-month reorganization process, the company has been run by a small, dedicated group of the existing leadership team, complemented by interim support and advisors. "Smallhold is emerging stronger and more resilient than ever. The team has worked tirelessly to preserve the company's brand and values," said Shawn Bray, Smallhold Director of HR and People. "Smallhold has a bright future ahead." As originally planned and under the conditions of the Court-approved reorganization, PTO to former employees has been paid.
Court filings and other documents related to the reorganization proceedings are available on a separate website administered by the Company's claims agent, Epiq, at https://dm.epiq11.com/case/smallhold/info or www.deb.uscourts.gov, the official Bankruptcy Court website.
The Company will continue to provide regular updates as specific elements of its strategic plan and Chapter 11 filing meet targeted milestones.
For more information:
Smallhold
[email protected]
www.smallhold.com