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Gallant Brands Purchases Soupman Inc. Out Of Bankruptcy

Gallant Brands/Soupman

Last updated on June 13th, 2024 at 04:50 pm

Gallant Brands Inc. (GBI) has acquired the assets of Soupman Inc. from bankruptcy, eliminating more than $11 million in debt and trade liabilities. Soupman Inc., owner of The Original Soupman brand, now has a clean balance sheet and a new management team, according to the Sept. 28 announcement.

GBI was founded for the specific purpose of purchasing Soupman. The Soupman brand, created in 1984 by Al Yegenah and made famous by the television show “Seinfeld” in 1995, filed for Chapter 11 bankruptcy protection on June 13, 2017, as a result of overbearing legacy liabilities and corporate governance issues, according to GBI.

“We are selling great soup, and we’re going to sell a lot more,” said Joseph Hagan, president of GBI when asked if the business would continue operations. “A new regime is poised to finally capitalize on this brand’s colossal value.”

Hagan added, “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 re-emergence. We look forward to keeping the public informed of our streamlined business model, new customers and exciting new opportunities.”

Eatontown, New Jersey-based GBI says it has engaged a team of financial and food industry veterans with more than 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 more than $1.2 million per year in spending while aggressively pursuing new business opportunities. Gallant officials said they are committed to communication, transparency and accountability with Soupman’s constituents.

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Shelby Team

The Shelby Report delivers complete grocery news and supermarket insights nationwide through the distribution of five monthly regional print and digital editions. Serving the retail food trade since 1967, The Shelby Report is “Region Wise. Nationwide.”

6 Comments

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  • When will their be an announcement about the stock that all the shareholders have been taking a major loss on? We need a PR as soon as possible to let us know what is going on with our shares.

  • When will there be some PR on the stock that the shareholders own, we have been taking a beating on this, losing lots of money. Hoping Hagan will show us how much we are appreciated by announcing some big news VERY SOON. We are drowning!

  • I am attempting to sell off all stock (many, many shares) as it is announced that soupman will go from chapter 11 to 7 by oct. 31. i took major losses here

  • I believe our common shares are to be saved as Gallant has the ability to buy the ticker.. WC owns 51% of shares in Soupman and Wealth Colony created gallant Brands to Buy Soupman.. Why would Gallant cancel WC shares ???

  • I believe our common shares are saved and we are golden. 12 December the court releases the gag order. Hopefully we hear from Gallant Brands or Wealth Colony.

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