Ok so now folks were wondering why Pinky Cole, the founder of Slutty Vegan was joining the cast of RHOA…..well, we’ve learned that she has filed for Chapter 11 bankruptcy protection, so maybe the money per episode she is going to earn will help her since she owes a total of $1.4 million, including $1.2 million to the U.S. Small Business Administration and nearly $200,000 to the Georgia Department of Revenue.
The bankruptcy filing follows a challenging period for Cole, who previously lost control of the company due to financial difficulties before regaining ownership and undergoing a corporate restructuring.
Slutty Vegan experienced rapid growth after its inception in 2018, expanding from a food truck to multiple locations. However, this expansion led to mounting financial pressures, contributing to the current bankruptcy situation.
Prior to the Chapter 11 filing, Cole had attempted a Chapter 13 bankruptcy filing in January, which she subsequently withdrew. This latest filing aims to reorganize debts under court supervision while keeping the business operational.
As part of the filing, Cole reported personal assets valued at $3.7 million and monthly expenses of about $41,700. Public discussions about her financial circumstances have intensified, especially as she prepares to join the cast of “The Real Housewives of Atlanta.”
Industry experts note that niche restaurants, such as vegan establishments, face inherent challenges in scaling due to limited customer bases. The difficulties faced by Slutty Vegan mirror broader struggles within the plant-based restaurant sector, which has seen several high-profile failures.
Cole has emphasized her determination to reclaim her entrepreneurial journey, stating her commitment to overcoming the adversities she faces, which she characterized as common among many entrepreneurs.
With the Chapter 11 filing, Cole seeks to restructure her financial obligations, with public and media attention focused on whether this will lead to a successful turnaround or serve as a cautionary tale in the business world.
