Is Golden Flake going out Of business? Today, we are feeling so heavy to announce that one of your favorite chip brands, Golden Flake, is going out of business. Its parent company Utz Quality Foods, announced to close off its factory in North Titusville permanently.
No, we are not saying that the chips will not be sold in the future. No, it will, but this brand has been out of stock. If you want to know about Golden Flake, its discontinuation, availability, and many more, then you must go through this blog post.
Let us explore further!
What Is Golden Flake?
Golden Flake Snack Foods is one of the largest manufacturers of potato chips, corn chips, tortilla chips, fried pork skins, cheese curls, and several other snack foods across the United States. But now, it has become a part of Utz Quality Foods.
Golden Flakes has been known by its name since 1923 for making tasty snacks with southern flare and flavors.
It was expected that 12 US dollars per share would be closed in the fourth quarter of the year (2016). It was decided to make the entire Golden Flake a Birmingham-based subsidiary of the Hanover, Pennsylvania-based Utz.
Let’s move ahead in this blog!
Why is Golden Flake Going Out Of Business?
Utz Quality Foods declared already that they would shut down the company Birmingham Golden Flake Factory this year (2023).
When the company made this decision, it laid off its employees. There was a total of 275 employees, but now left with few as 175 members have been laid off from the company.
When there was an SEC filing a few days back (April 24), the company decided to discontinue the Golden Flake factory this year. It was estimated that approx. 3 million US dollars to 5 million US dollars were charged as pre-tax cash for not closing their business.
This deal was an opportunity for Golden Flake, giving it financial and distribution strength. On this, the CEO of Golden Enterprises, Mark McCutcheon, stated, “This merger will allow the Golden Flake brand to continue to grow in our core Southeastern markets while expanding the product selections for our consumers.”
Later, with the discussion going on, Mark McCutcheon decided to organize a meeting with a special committee of its board of directors that may help in the growth of Golden Flake. They have concluded that North Point Advisors advised. In contrast, Sirote & Permutt will counsel the special committee. Sandler O’Neill advised that Cozen O’Connor will be a legal counsel to Utz Quality Foods.
When the Utz deal was finalized, the result helped the company to grow geographically, said the CEO of Utz, Dylan Lissette.
Also added, “Golden Flake’s product line, market coverage, and manufacturing facilities blend well with Utz’s desire to expand and grow our markets in the South.
Mark said, “Utz is a very community-oriented company, and we look forward to the future that Utz and Golden Flake will create together.”
According to beststocks.com, The closure is set to take place on July 3, 2023.
In 2017, the product was also recalled; as the FDA said, these products contained some ingredients not mentioned on the label, such as milk and other dairy products.
We know dairy products are not a big issue, but people who have severe problems with these products consume them, which may be life-threatening.
Our main reason for mentioning this is to represent that this brand is not going out of business for the first time. They have already been recalled for some reasons, and this one is also one of the reasons for its product discontinuation.
People and employees wrote, “It is a very sad day, who still often speaks of the glory days in the present.”
Another wrote, “May 1 will be Golden Flake’s 100th anniversary; it will complete its century; we are feeling low; we all loved that company.”
Is Golden Flake Still In Business?
Yes! You can still buy Golden Flake Potato chips online and in stores. According to some sources, it has been declared that Itz Quality Foods is the new owner of Golden Enterprises and purchased the company in 2016. Since then, it has been selling the chips of the original brand’s name.
No need to worry if you are obsessed with this brand or have yet to taste it. In both cases, if you crave Golden Flake Potato Chips, you can buy from your nearest grocery store or order online.
In a nutshell, The Golden Flake brand is still in business and operated by Utz Quality Foods.
Who Owned Golden Flake And When Did It Come Out?
Golden Enterprises primarily owned Golden Flake, but now the company’s new owner has been changed, and the entire empire has undergone control in Utz Quality Foods Inc. The company has purchased Golden Enterprises at 141 million US dollars and 7 million US dollars in debt.
Zapp is also a part of Utz Southern brands, and the Golden Flake will join it. Utz Southern Brands also owned several other brands of snacks, such as Good Health, Bachman, Bachman Jax, Dirty Potato Chips, Snikiddy, Wachusett, and many more.
In 1923, the company launched Golden Flake Chips brands, becoming one of the most popular brands in the Southern United States. Initially, it was also known as Magic City Foods.
Mark McCutcheon is the CEO of Golden Flake Snack Foods.
The Bottom Line
We’ve concluded that Golden Flake is going out of business this summer. On the contrary, the parent company finalizes a deal with other companies to help and strengthen them in this critical period.
When the parent company announced the closure of the Birmingham factory, that day would end the golden period of the beloved and everyone’s favorite Golden Flake chips.
But there is no room for doubt that the products under the Golden Flake brand will not sell. Products will sell as well as they usually do because the parent company will still manufacture Golden Flake products.