As Slutty Vegan expands into Ohio, founder Aisha “Pinky” Cole is simultaneously surrendering millions of dollars in real estate as part of her effort to repay creditors during her Chapter 11 bankruptcy.
Working to Get it Together
The Atlanta-based restaurant chain announced it has signed two new franchise agreements that will bring Slutty Vegan to Ohio, marking another step in the brand’s national expansion despite Cole’s ongoing Chapter 11 bankruptcy proceedings.
But behind the scenes, Cole is making major financial sacrifices to keep her business alive.
According to recently filed bankruptcy documents, Cole plans to surrender four properties, including her primary residence, a $1.4 million home in McDonough, Georgia, as part of a court-approved reorganization plan aimed at repaying roughly $4 million in business and tax debt, Atlanta Business Chronicle reported.
The filings also reveal Cole’s personal finances during the restructuring. Court records show she earns approximately $6,000 per month, but after paying taxes, creditors and living expenses, she’s left with about $1,500 in disposable income.
The bankruptcy stems from debts accumulated during Slutty Vegan‘s rapid expansion. Cole’s liabilities include approximately $1.2 million owed to the U.S. Small Business Administration, nearly $192,000 owed to the Georgia Department of Revenue, back rent, supplier balances and other obligations.
Among the properties Cole reportedly plans to surrender are homes in McDonough, Decatur, Loganville, and Atlanta. One of those homes briefly made headlines earlier this year after a creditor seized the property and changed the locks before a bankruptcy judge ordered it returned to Cole during an emergency hearing.
The Ohio franchise deals follow the company’s recent move into Washington, D.C.
Cole recently joined “The Real Housewives of Atlanta,” while continuing to oversee Slutty Vegan’s operations during the bankruptcy process.
