Kristen Bell and Dax Shepherd have had a business setback.
Their baby product company, Hello Bello, has filed for bankruptcy as it prepares for sale to new owners.
The World Needs More Purple Schools author, 43, and her Bless This Mess husband, 48, founded the baby product company in 2019.
Hello Bello’s diapers, wipes and other baby supplies are sold at Walmart, Target, Kohl’s and Albertson’s.
The company decided to file Chapter 11 bankruptcy after losing its struggle to overcome high shipping and production costs, according to Fortune.
Bankruptcy: Hello Bello, the baby product company founded by Dax Shepherd, 48, and Kristen Bell, 43, has filed for chapter 11 bankruptcy (Pictured in Austin, TX in March)
Chapter 11 usually allows owners to hold on to a business while it reorganizes.
The company tried to combat some of the setbacks by building its own diaper factory in Texas, but was unable to turn the business around.
A press release from the corporation indicated the bankruptcy and pending sale ‘is the best path forward to ensure that Hello Bello continues to bring families the highest quality and most environmentally friendly products at affordable prices.’
A private equity firm, Hildred Capital Management, has offered to buy the company for $65 million dollars.
The bid has set the floor for other offers, according to court papers.
Hello Bello listed its assets and liabilities of at least $100 million each in its bankruptcy petition on Monday.
In 2020, it boasted gross sales of some $100 million.
Bell and Shepherd launched the company with the goal of eliminating ‘the choice many parents have to make – deciding between what’s best for their kids and best for their budget,’ according to the Hello Bello website.
Costs: The company, which makes diapers, baby shampoos and laundry detergent decided to file Chapter 11 bankruptcy after losing its struggle to overcome high shipping and production costs
The couple, who are parents to daughters Lincoln, 10, and Delta, eight, launched the company in 2019 with the goal of eliminating ‘the choice many parents have to make – deciding between what’s best for their kids and best for their budget’
No comment: Neither Shepherd nor Bell has commented on the bankruptcy proceedings
The couple are parents to daughters Lincoln, 10, and Delta, eight, and launched the company after having kids and noticing how costly baby supplies can be.
Hello Bello has also been committed to sustainability practices.
The website says it manufactures diapers on machines that used 50-percent less energy than standard, uses laundry detergent bottles made in part from sugar cane resin, and contains the products in eco-friendly cardboard.
Neither star has commented about the bankruptcy on social media.
Bell can currently be heard on the big screen in PAW Patrol: The Mighty Movie as Janet, the co-owner of J & H Metal Scrapyard, along with James Marden’s Hank.
Box office success: Bell can currently be heard on the big screen in PAW Patrol: The Mighty Movie as Janet, the co-owner of J & H Metal Scrapyard, along with James Marden’s Hank. the movie has earned more than $192 million worldwide
The film also features the voices of Serena Williams, Kim Kardashian and North West.
The animated adventure has done well at the box office, debuting in first place when it opened September 29.
Since then, the movie has earned more than $56 million domestically and more than $192 million worldwide, according to Box Office Mojo.
Interestingly, Shepherd leant his voice to 2021’s PAW Patrol: The Movie as bad guy Ruben.