Food52 Files for Bankruptcy, Assets Split in Auction

Food52, a once-celebrated content-to-commerce platform, has been sold off in pieces at a bankruptcy auction, marking a dramatic downfall for a company valued at over $300 million just four years ago. The core media business was acquired by America's Test Kitchen for approximately $10.3 million, while its home goods brand, Schoolhouse, sold for $2.2 million, and the tabletop brand Dansk fetched $250,000.

Key Takeaways

• Food52's assets were sold in three separate transactions during a bankruptcy auction.
• America's Test Kitchen acquired the core Food52 media business for $10.3 million.
• Schoolhouse was sold to Troy-CSL Lighting for $2.2 million, and Dansk to Form Portfolios for $250,000.
• The total sale value of approximately $12.75 million is a fraction of its peak valuation.

The Breakup Of Food52

The bankruptcy auction in Delaware court resulted in the dissolution of Food52 as an integrated entity. America's Test Kitchen, operating through an acquisition vehicle named F52 LLC, emerged as the winning bidder for the main Food52 media operations. This deal includes the cancellation of $3.42 million in debtor-in-possession financing provided by America's Test Kitchen during the bankruptcy proceedings.

Acquisition Details

The sale of Food52's assets was structured to reflect the distressed nature of the sale. For the core Food52 media business, the $10.3 million purchase price includes the debt forgiveness, with an estimated $6.5 million to $7 million in cash expected to go to the seller after transaction fees.

Schoolhouse, a Portland-based home goods and lighting business that previously accounted for the majority of Food52's revenue, was purchased by Troy-CSL Lighting for $2.2 million. Despite generating around $40 million in revenue in 2024, the brand had seen significant inventory liquidation and staff reductions in the months leading up to the auction.

Dansk, a heritage tabletop brand acquired by Food52 as part of its product expansion, was sold to Form Portfolios for $250,000. This transaction primarily covers the brand's intellectual property, with inventory transfers being optional.

A Rapid Collapse

Founded in 2009, Food52 once represented a successful model for a vertically integrated "content-to-commerce" media company. The company received significant investment, including a majority stake sale to The Chernin Group for $83 million in 2019 and an additional $80 million in 2021. These funds were used to acquire Schoolhouse and Dansk, building a diversified operation.

However, rising operational costs, a slowdown in pandemic-era consumer spending on home goods, and internal challenges led to a rapid decline. By late 2025, Food52 faced over $25 million in debt. A critical blow came in December when a lender seized the company's accounts, forcing mass layoffs and ultimately leading to the Chapter 11 bankruptcy filing.

America's Test Kitchen, owned by Marquee Brands, is expected to integrate Food52 into its existing portfolio of content and publishing businesses. The acquisition provides America's Test Kitchen with a substantial social media audience and a recognized digital brand, though the future of Food52's former e-commerce operations remains uncertain.

The outcome represents a significant financial loss for The Chernin Group, which had invested over $160 million in Food52 and its acquisitions. The combined sale value of the assets is approximately 4% of the company's peak valuation, signaling a stark reset for the once-promising venture.