Why Tattooed Chef Stock Slumped This Week
Tattooed Chef (NASDAQ: TTCF) investors had a rough go of it this week. The plant-based packaged food specialist's stock was down 47% through Thursday trading compared to a 0.9% drop in the S&P 500. The slump added to a difficult year for shareholders, who are down nearly 80% so far in 2023 compared to a 15% uptick in the wider market.
This week's decline came after the company announced plans to file for bankruptcy protection.
In a press release over the weekend, Tattooed Chef revealed that it is filing for Chapter 11 bankruptcy due to ongoing pressures on the business. "Despite [our colleagues'] commitment to our mission and our best efforts to maintain the operations," CEO Sam Galletti said, "our business has continued to be impacted by a challenging financing environment and an inability to raise additional capital."
Source Fool.com
