Forward Foods LLC, the maker of Detour brand energy bars, sought bankruptcy protection after recalling some of its products that used Peanut Corp. of America’s allegedly tainted peanuts.
The company, based in Minden, Nevada, listed assets of $21.3 million and debt of $25.4 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Del.
Forward Foods said Jan 30 it would recall its Detour brand energy bars containing roasted peanuts purchased from the Peanut Corp. of America, according to a statement. Sales of Detour products that contained peanuts from Peanut Corp. of America accounted for about 75 percent of the company’s protein-bar sales, according to court papers.
“A significant value of inventory must be condemned” because of the recall and the company’s ability to collect money owed it for affected products is “very much at risk,” Forward Foods Chief Executive Officer J. Patrick Muldoon said in court filings.
Source: Bloomberg
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