Soupman, the company that inspired Seinfeld’s “Soup Nazi,” has filed for Chapter 11 bankruptcy protection.
Soupman says that it will continue to operate during its bankruptcy. It is able to do so after obtaining a new $2 million debtor-in-possession credit facility from an independent third-party private investment firm.
During its bankruptcy, Soupman will be working to reorganize itself so that it can continue to sell its products across the country. To help with this matter, it is bringing on Michael Wyse of Wyse Advisors as its new Chief Restructuring Officer. Wyse will also serve as the soup chain’s Interim Chief Financial Officer during this time.
“The combination of legacy liabilities and recent company developments have made it necessary to seek bankruptcy protection,” Jamie Karson, CEO of Soupman, said in a statement. “This will ensure that our delicious soups remain on grocery shelves throughout the country which is in the best interests of all of our stakeholders and customers.”
Soupman’s filing for Chapter 11 bankruptcy protection was done in the United States Bankruptcy Court in Delaware. Polsinelli, a law firm, is acting at the company’s bankruptcy counsel.
Soupman inspired the character of Yev Kassem in Seinfeld. The character first appears in the 116th episode of the series, which is titled The Soup Nazi. This episode first aired on Nov. 2, 1995. The character of Kassem became a pop culture icon. When the series came to an end, Kassem made an appearance during the finale. His most memorable line is “No soup for you!”
