Grace’s Goodness files Chapter 7 bankruptcy

BOULDER — A natural foods company in Boulder that just a year ago was poised to scale up has filed for Chapter 7 bankruptcy.

Grace’s Good Food LLC, which does business as Grace’s Goodness Organics, filed in bankruptcy court Tuesday. 

The filing lists assets of $34,260 and liabilities of $1.01 million.

Grace Ventura founded Grace’s Goodness in 2016 with a product line called Beyond Broth. It brought on Sarah Bird as CEO in 2020, who expanded the line of products to include organic, plant-based sipping broths intended to be an alternative to tea or coffee. 

As noted in a BizWest profile of Bird in 2021, the company touted the health benefits of its products, including helping with immunity, providing sources of vitamin C and A, serving as an anti-inflammatory and antioxidant. 

The bankruptcy filing shows that revenue, starting in 2020, grew but then plummeted this year. In 2020, gross revenue was $404,059. In 2021, it was $501,663. But through the filing date this year, revenue was only $288,709.

Assets include mostly accounts receivable at $29,350. Liabilities include a $174,500 Small Business Administration loan.

Bird appears to have left the company midyear — at least she drew a salary until July 1, 2022.  Bird was a minority shareholder with 5.15% of the company shares.

Ventura remains as the majority shareholder with 33.51% of the shares. The remainder of the shares are distributed among investors.

A call to Ventura’s attorney, Robertson Cohen, was not returned before BizWest’s publication deadline.

Source: BizWest