Aisha “Pinky” Cole established Slutty Vegan in 2018. Recently, Cole, the creator of Slutty Vegan, took steps to protect herself from personal bankruptcy. During a meeting with creditors last week, she explained that her decision was driven by the debt accumulated by her business. Additionally, Cole faced inquiries from an IRS official regarding three years of unfiled tax returns.
Having started Slutty Vegan in 2018 from a shared kitchen in Atlanta, Cole managed to expand it into multiple physical locations. Despite facing financial challenges over the years, some outlets of the business are still operational. At its peak, the business was valued at around $100 million and gained fame for its plant-based burger offerings like “Sloppy Toppy” and “Super Slut.”
During the creditors’ meeting, Cole disclosed that she did not have any personal bank accounts and had recently closed one with only $6 in it. She revealed that while she doesn’t have personal income, she earns rental income from several properties. To address her financial situation, Cole filed for Chapter 11 bankruptcy protection in a Georgia federal court.
Her bankruptcy filing listed assets between $1 million and $10 million and liabilities within the same range. Notably, she owes significant amounts to the US Small Business Administration and the Georgia Department of Revenue. Initially representing herself in the bankruptcy proceedings, Cole later hired legal counsel to navigate through the complexities of the process.
Despite these challenges, Cole seems determined to overcome this phase by engaging actively in restructuring her finances under Chapter 11 guidelines. Through her bankruptcy attorney, she expressed commitment to amending her financial schedules as needed. In a statement to Business Insider, her attorney emphasized providing support to Cole during this challenging period.
Cole’s positive outlook on her restructuring journey is evident in her creative approach to sharing information about bankruptcy on social media platforms like Instagram. In a recent video post portraying children’s educational content, she used music to explain aspects of bankruptcy in a fun and engaging manner. This proactive attitude reflects her resilience and determination as she navigates through this chapter of financial reorganization.