Eatontown, N.J. — Soupman, Inc., 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.
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," says Joseph Hagan, president of GBI. "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 reemergence. We look forward to keeping the public informed of our streamlined business model, new customers and exciting new opportunities."
Gallant Brands, Inc. (GBI) was founded with the specific purpose of purchasing Soupman, Inc. assets and operating the company under new management. GBI has identified one critical employee and has engaged a team of financial and food industry veterans with over 100 years' experience collectively as its management team. With an emphasis on strong cash flow, the Gallant team will implement simple operational changes, capable of saving the business over $1.2 million per year in spending while aggressively pursuing new business opportunities.
SOURCE: Gallant Brands, Inc.