Do Good Foods, which launched in October 2021 and opened its flagship production facility in Fairless Hills that same year, has filed for bankruptcy protection, writes Emma Dooling for the Philadelphia Business Journal.
According to the company, the $170 million facility will continue regular operations throughout the bankruptcy proceedings.
Do Good Foods, which is based in Bedminster, New Jersey, filed for Chapter 11 protection in the U.S. Bankruptcy Court in Delaware last week. The company is owned by the Kamine family, the owners of Kamine Development Corp., which develops, constructs, and invests in sustainable ideas to benefit both the environment and the economy.
Do Good Foods was backed by a $169 million investment from Nuveen, an asset management company. The company is working on helping eliminate the whopping 48 billion pounds of food waste that is generated each year by grocery stores. It achieves this by upcycling surplus food into animal feed.
“Do Good Foods is operating as normal, picking up food waste from its partners, upcycling and selling its products to its retailers and food service clients nationally,” said co-CEO Justin Kamine.
