Cole is an Atlanta-born restaurateur who transformed a bold vegan idea into a multi-state success. However, documents submitted on May 19 in the U.S. Bankruptcy Court for the Northern District of Georgia show that Cole now has unpaid rent exceeding $360,000. There are also significant credit card debts, obligations to suppliers, and large amounts owed to institutional creditors.

The filings provide a clear view of the financial challenges facing a founder who was once admired for her belief in creating her own path. Cole owes $107,625 to Edward Don & Company. This is a restaurant supply business that has also filed a separate complaint for extra fees and interest. She also owes hundreds of thousands to real estate entities and has a $250,000 debt to Atlanta’s CIH Group.

Cole’s Slutty Vegan chain started in 2018 and became a popular choice with long lines in Atlanta and beyond. It had to shrink amidst financial pressures and closed several locations before she regained control in 2025.

In public interviews, Cole attributed much of her financial troubles to her business’s rapid growth. “Yes, we were making money, double‑digit millions, but if your payroll is high and you have all of these costs and everything is adding up, your bottom line is going to be red.” She told The Breakfast Club in a candid interview, according to reports.

Cole has also had disputes with her former chief financial officer, who is now facing criminal charges linked to a past restaurant project. She has pointed out that her personal guarantee on business debts is a key factor in her current financial situation.

As Cole works through Chapter 11 restructuring, her experiences reflect broader issues in small business survival. These include the difficulties of scaling hospitality brands, and the personal stories behind the headlines.

The post New Court Filing Says Slutty Vegan Founder Pinky Cole Owes $4 Million in Debt appeared first on Black Elites.

About 57 of the 74 Saks OFF 5TH locations in the United States are scheduled to close, while about a dozen will stay open in a few states, such as New York, Florida, California, Texas, Georgia, and New Jersey.

The company is now focusing on its flagship luxury stores, such as Saks Fifth Avenue and Neiman Marcus, and prioritizing full-price retail over discount operations.

Saks Global’s new CEO, Geoffroy van Raemdonck, emphasized the company’s strategic direction, stating, “As we advance on Saks Global’s transformation, we are taking decisive steps to realign our business to better serve our luxury customers and drive full-price selling across our core luxury businesses.”

The End of OFF 5TH and Changing Retail Dynamics

For years, Saks OFF 5TH served as a bridge between high-end fashion and budget-conscious shoppers. It offers designer products through both physical stores and an online platform.

However, maintaining its large network of discount stores is no longer possible due to evolving consumer habits, rising operational costs, and the growth of online luxury shopping.

As part of the bankruptcy plan, most OFF 5TH stores are closing, with only a small number remaining open temporarily to sell remaining inventory. The independent OFF 5TH website is also being phased out, marking the end of the brand as a major discount retailer.

This development highlights broader shifts in the business of discount luxury retail, where many high-end brands are increasingly favoring direct-to-consumer channels and controlled retail environments over discount distribution.

Impact on Consumers, Employees, and the Luxury Market

The store closures will have immediate consequences for consumers, who may find fewer options for discounted luxury goods.

This is particularly in suburban shopping centers where OFF 5TH had a strong presence. Discount luxury shoppers are likely to turn to online resale platforms or competing department stores that still maintain off-price offers.

Beyond shoppers, the closures will affect employees. Numerous OFF 5TH stores served as hosts in mid-tier malls, and their exits worsen issues in physical retail spaces that were already dealing with empty spaces and dwindling customer traffic.

Saks Global’s long-term success will depend on rebuilding supplier relationships, managing debt prudently, and offering interesting full-price luxury experiences. The closure of OFF 5TH reflects broader structural changes in the production, distribution, and consumption of luxury fashion.

More than a single company’s setback, Saks Global’s bankruptcy serves as a cautionary example for legacy retailers adapting to a rapidly evolving market.

The post Saks Files for Bankruptcy, Shuts Most OFF 5TH Locations appeared first on Black Elites.

The protective order came in response to a request from Shilo Sanders’ attorney, Keri Riley, who expressed concerns about the potential misuse of discovery evidence, including details of Sanders’ name, image, and likeness (NIL) business dealings.

Riley emphasized the risk of such information being exploited in a “smear campaign” on social media, potentially damaging Sanders’ reputation and future earnings. This request follows Sanders’ decision to file for bankruptcy after being hit with a substantial $11.89 million default judgment in favor of John Darjean, a school security guard.

The incident at the heart of the lawsuit dates back to 2015 when Shilo Sanders, then a 15-year-old high school student, allegedly assaulted Darjean after the guard attempted to confiscate his mobile phone on school officials’ orders. Darjean has claimed that the assault left him with permanent injuries.

Riley highlighted the sensitivity of financial disclosures in this context, mentioning, “We don’t want a situation where we’re producing bank statements from 2023, and now we see an Instagram post saying, `Oh look. Four times last month, instead of paying (Darjean), he went to go and get avocado toast.'”

However, Darjean’s attorney, Ori Raphael, contested the need for enhanced privacy for Sanders in the public bankruptcy court, arguing that Sanders should not be entitled to any special protections.

“Nothing is special about what he’s done,” Raphael stated, underlining that Sanders’ decision to declare bankruptcy does not warrant extraordinary treatment regarding the disclosure of his financial activities.

Judge Romero’s ruling ensures that the designated discovery evidence remains confidential unless it becomes part of the public court records, aiming to prevent misuse on platforms like social media. The case continues to unfold, highlighting the complex interplay between privacy concerns and public interest in high-profile bankruptcy proceedings.

The post Shilo Sanders Granted Protective Order in Bankruptcy Case appeared first on Black Elites.

According to sources familiar with the matter who spoke to Bloomberg on condition of anonymity, the company has engaged the services of law firm King & Spalding to explore options for shedding long-term contracts and renegotiating leases.

The financial challenges facing Red Lobster have been exacerbated in recent months by burdensome leases and escalating labor costs. 

These issues, among others, have put a strain on the company’s funds, prompting discussions about potential restructuring. 

However, a final decision on the bankruptcy filing has not yet been reached, and negotiations are ongoing between Red Lobster, its owner Thai Union Group Plc, key lender Fortress Investment Group, and legal advisors.

Should Red Lobster Proceed with a Chapter 11 Filing

it would aim to continue operating its restaurants while implementing a plan to reduce its debt burden. 

This would allow the chain to maintain its popular menu offerings, including its renowned cheddar bay biscuits, while addressing its financial challenges.

Thai Union Group acquired a controlling stake in Red Lobster in 2021, taking over from Golden Gate Capital. 

However, earlier this year, Thai Union Group recorded a write-down of its investment in Red Lobster, citing mismatched financial requirements and capital allocation priorities. 

The company reported a share loss of approximately $19 million from Red Lobster in the first nine months of 2023, leading to a $530 million non-cash impairment charge in its fourth-quarter earnings report.

The impact of the COVID-19 pandemic, sustained industry pressures, higher interest rates, and increased material and labor costs have all contributed to Red Lobster’s financial struggles, according to Thai Union Group chief Thiraphong Chansiri. 

These challenges have resulted in prolonged negative financial performance, further compounding the difficulties faced by Thai Union and its shareholders.

In response to rising labor costs, particularly in California where a new minimum wage law took effect for fast-food chains, restaurant owners have been forced to adapt. 

Franchisees in California now must pay their workers a minimum of $20 per hour, significantly higher than the state’s general minimum wage. 

This wage hike has prompted restaurant owners to raise menu prices, defer renovations, and reconsider operating hours to mitigate the impact of increased labor expenses.

Moreover, the broader economic landscape, characterized by inflationary pressures, has necessitated price adjustments across various industries, including food service. 

The recent uptick in the Consumer Price Index, driven in part by rising food costs, underscores the challenges faced by businesses like Red Lobster in navigating a financially turbulent environment.W

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