"After fundraising and crowdsourcing money to buy her company back, Schinner said on LinkedIn that the company chose a higher bidder instead of her. The company that bears my name went to someone else with a higher bid, Schinner said in the post. While they may have deeper pockets, I may have deeper connections with the community. At the end of the day, I'd rather take that to my grave than a pile of money."
"The sale came after Miyoko's Creamery entered a court-supervised process to sell its assets and pay off debts, according to industry outlet AgFunderNews. The process, similar to a bankruptcy, was managed by Resolution Financial Advisors, which collected bids earlier this month. Schinner founded Miyoko's Creamery in 2014 and saw the company — which makes vegan cheese and butter alternatives now sold in thousands of grocery stores nationwide — grow into a leading name in plant-based foods."
Miyoko Schinner attempted to repurchase Miyoko's Creamery but lost when the company accepted a higher bid. The company entered a court-supervised asset sale process to pay debts, managed by Resolution Financial Advisors which collected bids. Schinner raised funds through a GoFundMe that raised more than $103,000 but cited limited time and fundraising constraints that prevented competing with corporate bidders. Miyoko's Creamery, founded in 2014, grew into a leading plant-based dairy brand with cashew-based cheese wheels and cultured butters sold nationwide. Schinner was removed as CEO in 2022 amid philosophical and strategic differences and has since pursued new ethical entrepreneurship ventures.
Read at www.pressdemocrat.com
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