Food52 Files for Chapter 11 Bankruptcy; Assets Acquired for $9.9 Million

AI Summary

Food52, a recipe and cooking community website, has filed for Chapter 11 bankruptcy and received court permission to move forward with a liquidation plan. The company entered bankruptcy with a strategy to auction off its assets, which has attracted interest from America's Test Kitchen (ATK), acquiring certain assets for $9.9 million. Other sales included Schoolhouse for $2.2 million and Dansk for $250,000. This development highlights ongoing financial struggles in the digital content industry amid shifts in the advertising market, where major players dominate revenue streams.