Oakshire Mushroom Farm in Kennett Square has voluntarily filed for Chapter 11 bankruptcy as it looks to reorganize, writes Natalie Kostelni for the Philadelphia Business Journal.
According to documents submitted with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania, the company that sells under the Dole brand had $32 million in sales in 2017.
Among the reasons cited for filing for bankruptcy, Oakshire listed an imbalance between the U.S. and Canadian dollars and the loss of Costco as its largest customer.
Having been in business for 30 years, the company also said that private equity firms holding strategic positions in the Canadian food supply chain aided cheaper sales to retailers in the U.S.
According to the U.S. Department of Agriculture, there were 347 mushroom growers in the U.S. between 2015 and 2016, but only 307 at the end of 2018. In Kennett Square, there are now 53 mushroom farms, 10 fewer than there were three years ago.
Read more about Oakshire Mushroom Farm in the Philadelphia Business Journal here.