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Perfect Day Lays Off 15% of Workforce, Shutters Consumer Biz & Coolhaus

July 12, 2023 - from the Nosh.com:

"Perfect Day has laid off roughly 15% of its workforce as it moves to exit its consumer-facing business, The Urgent Company (TUC), in order to focus solely on its B2B ingredient sales and nth bio “consulting” precision fermentation business.

"The TUC division houses four brands: Modern Kitchen (cream cheese), Brave Robot (ice cream), California Performance Company (whey protein) and Coolhaus (ice cream and frozen novelties).

"When asked why the company chose to shutter the consumer business rather than just sell it to begin with, the spokesperson said that the company had explored that option, but, rather than continue to support a large team, the company decided to stop devoting resources to the business. Some of the impetus to do so may have also come from investor pressure.

"Parallel to TUC’s development, Perfect Day was focused on two B2B efforts: serving as an ingredient partner to brands such as Nestlé and Graeters, and helping external companies across categories develop products utilizing precision fermentation via its nth Bio arm. The spokesperson attributed the company’s success with ingredients as another reason for TUC’s closure, noting some larger CPG organizations didn’t want a Perfect Day-owned company creating competing products."