Atlantic Natural Foods, a US plant-based company that owns brands such as Loma Linda, TUNO, Chick’n, and Neat, has filed for Chapter 11 bankruptcy protection.
In a petition filed in the U.S. Bankruptcy Court for the Eastern District of Louisiana, Atlantic Natural Foods listed $10 million to $50 million in assets. The company also declared $1 million to $10 million in liabilities, with 100 to 199 creditors. Atlantic Natural Foods did not specify why it was filing for bankruptcy, but announced plans to reorganize its business.
The news comes a few months after the company terminated a $30 million agreement that would have seen it acquired by vertically integrated plant-based food company Above Food. Both parties mutually agreed to the withdrawal, citing changes in the business landscape, supply chain disruptions, and rising food inflation.
The agreement was first announced in 2021, and Atlantic Natural Foods had initially hoped to enter a public environment in partnership with Above Food. Following the termination of the agreement, the company said it planned to transition back to private ownership.
“Ever-changing landscape”
Atlantic Natural Foods was founded in 2008, but one of its brands, Loma Linda, dates back to 1890. Loma Linda is best known for its plant-based tuna alternative, TUNO, which is available in several flavors. The brand also offers pre-prepared meals and various canned plant-based meat alternatives.
“Operating in the industry’s ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead,” said Atlantic Natural Foods Chairman Doug Hines, following the company’s withdrawal from the agreement with Above Food. “We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers. This strategy allows us to reinstate our commitment to returning the company to its core principles, products, and consumers while carrying out our mission of creating healthy food for the world in 2025 and beyond.”
