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Boulder-based Grace’s Goodness files for Chapter 7 bankruptcy

A health food company in Boulder that just a year ago was poised to expand has filed for Chapter 7 bankruptcy.

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

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

Grace Ventura founded Grace’s Goodness in 2016 with a line of products called Beyond Broth. This brought Sarah Bird to the role of CEO in 2020, which expanded the product line to include organic, plant-based sipping broths intended as 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 aiding immunity, providing sources of vitamin C and A, serving as an anti-inflammatory and of antioxidant.

The bankruptcy filing shows that revenue, from 2020, rose but then fell this year. In 2020, gross revenue was $404,059. In 2021, it was $501,663. But as of this year’s filing date, revenue was just $288,709.

Assets mainly include accounts receivable of $29,350. Liabilities include a loan of $174,500 from the Small Business Administration.

Bird appears to have left the company mid-year – at least she was on salary until July 1, 2022. Bird was a minority shareholder with 5.15% of the company’s shares.

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

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

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.