EATONTOWN, N.J., Sept. 28, 2017 /PRNewswire/ -- Soupman, Inc. (the "company"), owner of the Original Soupman brand, emerged from bankruptcy on September 8, 2017, with a clean balance sheet and a new management team committed to living up to the brand's value.
The brand, created in 1984 by Al Yegenah and made famous by Seinfeld in 1995, filed for Chapter 11 bankruptcy protection on June 13, 2017, as a result of overbearing legacy liabilities and corporate governance issues.
After an arduous legal battle, Gallant Brands, Inc. ("GBI"), led by shareholders of the public entity acquired the assets of Soupman, Inc. from bankruptcy, eliminating over $11 million in debt and trade liabilities.
"We are selling great soup, and we're going to sell a lot more," said Joseph Hagan, president of GBI when asked if the business would continue operations. "A new regime is poised to finally capitalize on this brand's colossal value."
Hagan continues:
"I am proud of the collective efforts of our team. We have all worked diligently to avoid interruption in operations and to identify those business opportunities that move our business forward. We are especially pleased to have the support of our long-term shareholders, vendors, suppliers, franchisees, and our customers. Their patience and commitment through this transitional period for Soupman has been pivotal in our re-emergence. We look forward to keeping the public informed of our streamlined business model, new customers, and exciting new opportunities."
Doesn’t get much clearer.
Looking back just 6 months ago at the Wealth Generators reverse merger into INVU is what put my confidence in the SOUPQ commons coming out alive over the top.
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