Plant-Based Dairy Miyoko’s Creamery Is Raising Funds, Preparing for Potential Sale
- Vegan dairy company suffers from falling sales, heavy losses
- CEO cites ‘financial stabilization plan’ in letter to holders
The vegan butter and cheese company is suffering from falling sales and heavy losses.
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Vegan butter and cheese company Miyoko’s Creamery is raising $12 million and preparing for a potential sale of the business, according to documents viewed by Bloomberg News.
The Petaluma, California-based company is executing a “financial stabilization plan” in an attempt to place itself “on a path to profitability and open doors to a range of strategic alternatives, including selling the business,” Chief Executive Officer Stuart Kronauge told shareholders in a Nov. 10 letter.