The auto industry wanted one; the banking sector already got one; why not give it to the “green” food companies?
Barry Estabrook reported on Gourmet.com that two major natural, sustainable food purveyors are in BIG trouble.
Strike one. According to the San Francisco Business Times, Niman Ranch, the natural meat purveyor that is a network independent American farmers and ranchers, sent a letter to their shareholders telling them that they were in “default on certain loans, it owes key vendors and sales are down.” CEO Jeff Swain said that Niman will be forced to merge with Chicago-based Natural Food Holdings, Niman’s largest investor. He went on to say, “[This] merger agreement… will provide our Company with a significantly stronger balance sheet and the liquidity to grow and expand our business. The transaction has been approved by our shareholders and is expected to close in the next few days with no expected disruption in our service to customers.”
