Tessemae's Seeks to Reorganize in Chapter 11 to Enhance Long Term Success

BALTIMORE, Feb. 1, 2023 /PRNewswire/ -- Tessemae's, the nation's preeminent organic condiment and salad dressing company, today announced that it has commenced a voluntary Chapter 11 filing which will enable the company to restructure its debts and achieve continued success.  As part of this process, the Company filed a voluntary petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the District of Maryland (Baltimore).  The Company intends to use the process to pursue a financial restructuring and address certain other legacy challenges.

This strategic option was necessitated by a need to preserve its assets, obtain new capital to fulfill its strong customer demand, and stop the costly and distracting litigation brought by a former lender for the Company.  Management believes the former lender's claim is meritless and has filed a counterclaim against the lender, but the existence of the litigation and the associated costs have been an impediment to growth in recent years.  The filing is designed to bolster the company's financial position, create operational flexibility, and drive greater efficiency.

"Our goal, from the beginning, was to bring a suite of products into the marketplace to those who believe there is a better way.  This decisive action, will no doubt, enable us to do just that and, in turn, emerge as a stronger, more competitive business," says Gregory Vetter, CEO of Tessemae's.  "This comprehensive restructuring will enable us to thrive for years to come and enable us to recognize our full potential.  The future is bright."

This transformation will afford improved stability and, importantly, allow the company to maximize its value for the benefit of the Company, its creditors and interest holders, and consumers alike.   As the company advances through this process it remains confident that it will continue to operate without interruption in the ordinary course, serving its retail partners nationwide with the same success they are accustomed to. 

About Tessemae's:

Tessemae's is a flavor-forward food company that makes clean-label, organic products with uncompromising ingredients of the highest quality. Tessemae's commitment to healthy eating and living is at the core of its mission: Simplify Food to Amplify Life. As a pioneer in clean manufacturing, Tessemae's is focused on producing simple and delicious food with real ingredients that everyone can enjoy. All Tessemae's products are made in the U.S., and are available for purchase at Amazon, Baker's, Big Y, City Market, Costco, Dillon's, Earth Fare, Fred Meyer, Fresh Thyme, Fry's, Giant, Harris Teeter, H-E-B, Heinen's, King Soopers, Kroger, Lucky's, Mom's Organic Market, Publix, QFC, Roundy's, Ralphs, Safeway, Sam's Club, Save Mart, Shop Rite, Smith's, Sprouts, Target, Tessemaes.com, Thrive Market, Walmart, Wegmans, Whole Foods Market, and more retailers across the country.

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SOURCE Tessemae's