Miyoko Schinner’s Bid to Reclaim Miyoko’s Creamery Fails
Miyoko Schinner, the founder of the plant-based dairy brand Miyoko’s Creamery, faced disappointment in her last-minute effort to buy back the company she established in 2014. Schinner’s attempt came after she was ousted as CEO in 2022, amidst strategic disagreements that were later made public in 2023.
Only recently learning of the brand’s availability for purchase after it entered the Assignment for the Benefit of Creditors (ABC) process, Schinner launched a GoFundMe campaign, raising $103,000 to “reclaim” the company. However, she confirmed to AgFunderNews on November 10 that her bid was unsuccessful.
The identity of the winning bidder remains undisclosed, and Resolution Financial Advisors, the firm overseeing the ABC process, has not commented on the situation.
Reflections on the Bid
In a candid LinkedIn post, Schinner acknowledged the slim chances of her success. She stated, “It is highly unlikely I will be the winning bidder, as the liquidator has a fiduciary responsibility to accept the highest bid.” With a mere 48 hours to organize her proposal, she emphasized the challenges of formalizing a new entity effectively and expressed her disappointment about not being approached to repurchase the brand earlier.
Despite the setback, Schinner hinted at future endeavors, saying, “I might yet start something anew: a different sort of food company.” She expressed her gratitude to supporters, recognizing their encouragement as more valuable than financial success, stating, “At the end of the day, I’d rather take that to my grave than a pile of money.” She also acknowledged the loss incurred by her early investors.
The ABC Process and Company History
Miyoko’s Creamery, based in California, entered the ABC process on October 6 when it was concluded that the company was unable to meet its debt obligations. This process allows insolvent companies to manage their assets and obligations in a manner that respects creditor interests, without going through traditional bankruptcy procedures.
Founded by Schinner, the company initially gained fame for its artisanal cheese wheels made from cultured cashews. Over the years, it expanded its product line to include plant-based butter, mozzarella, cream cheese, and other dairy alternatives. Despite raising over $70 million in funding, the company has faced challenges, including leadership disputes. In early 2023, after Schinner’s removal as CEO, a series of conflicts arose, culminating in a lawsuit and countersuit over intellectual property and gender discrimination issues.
Turbulent Times Ahead
The leadership of the company shifted when former Coca-Cola executive Stuart Kronauge was appointed CEO in August 2023, expressing a vision for the brand’s potential. Following this transition, plans were announced to close its production facility in Petaluma, California, in favor of working with co-manufacturers, as part of a broader financial stabilization strategy amid declining sales from $40 million in 2021 to $33 million in 2022.
In a letter to shareholders, Kronauge outlined ongoing efforts to explore a range of strategic alternatives for the company, including the potential sale of the business. Meanwhile, Schinner expressed her belief that she remains the best figure to represent the brand, actively engaging with allies on future ventures that align with values centered on equity, community, and animal welfare.
As the situation unfolds, the possibility remains that Schinner could continue to influence the plant-based food sector with new initiatives reflective of her ethical commitments.
>> Stay tuned for more updates.
