Business
Sortis Holdings, Inc. Invests in Blue Star Donuts
Sortis Holdings, Inc. Invests in Blue Star Donuts.
About this update from Sortis Holdings, Inc.
[{"type":"text","content":"\n\n\n\nSortis Holdings, Inc. Invests in Blue Star Donuts\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSortis Holdings, Inc. Invests in Blue Star Donuts\nPR Newswire\nPORTLAND, Ore., Jan. 11, 2021\n\n\n\nPORTLAND, Ore., Jan. 11, 2021 /PRNewswire/ -- Sortis Holdings, Inc., (OTC: SOHI), finalized its investment in Blue Star Donuts as the plan sponsor out of Chapter 11 bankruptcy. Blue Star Founder and CEO Katie Poppe will continue as CEO of the restructured company.\nForced to close temporarily during COVID-19 nationwide shutdowns, Blue Star filed for bankruptcy protection in September 2020 with Sortis on board guiding the company through bankruptcy proceedings. The company's lawyer Mr. Oren Haker says, \"Blue Star's bankruptcy filing included the use of a subchapter of chapter 11 focused on small businesses which came into effect in February 2020.\"\nA hearing held November 23, 2020 in Portland approved the plan that brings Blue Star, a cherished Portland gourmet donut brand, back from a COVID-19 induced crisis. In addition to the investment, restructure terms prioritized retaining leadership and core stakeholders and working with the Blue Star team to provide support and resources where needed.\n\"I appreciate the trust and faith that Paul and Sortis have in me and my vision for Blue Star,\" said Poppe. \"They listened to what was important to me, and put their money where their mouth is. Maintaining women-majority ownership and folding in some of our key staff stakeholders was essential to me, and I'm thrilled to be able to expand the ownership structure as we rebuild.\"\n\"Similar to the Sortis Rescue Fund's past few investments, it's great brands with a unique strategy like Blue Star that can thrive in a new era of retail post pandemic,\" says Paul Brenneke, Sortis' Executive Chairman. \"We were especially intrigued by the potential for wholesale and e-Commerce channels in addition to the opportunity to help preserve a beloved Portland business and the culture it represents.\" \nWith a loyal customer base since 2012, Blue Star has 7 locations across the West C...