A gourmet pie company that pitched to billionaires on Shark Tank earlier this year has filed for bankruptcy amid a pending lawsuit.
Joyebells, a family-run bakery in Virginia that launched in 2019, initially achieved success thanks to a string of local media appearances following its launch, culminating in a 2022 appearance on Today. The bakery’s biggest hits were its sweet potato, peach, and pumpkin pies.
CEO Joye Berry-Moore took her pies to Shark Tank in February, and despite being praised for the quality of her baked goods, the sharks ultimately decided not to invest in the company.
Now, just five months later, Joyebells has filed for Chapter 11 after being sued by its main lender for defaulting on a $350,000 loan, according to Richmond BizSense.
On June 30, Locus Bank – formerly known as VCC Bank – filed the suit in Henrico Circuit Court, naming Joyebells LLC, Joye Berry-Moore, and her husband, Eric Moore, as defendants.
The bank states that it loaned Joyebells up to $350,000 in May 2023, but after the loan was renewed last year, the maturity date was set for May 11, 2025.
On May 12, Locus sent the company a default notice and demanded payment from Joyebells, according to court filings.
The bank is seeking a minimum of $344,500 from the pie company.
Three days before the maturity date, Berry-Moore and her husband filed for personal bankruptcy, court records show, as seen by Richmond BizSense.
In the court filing, the couple stated that their debts, totaling around $1.27 million, were a combination of business-related expenses and credit card debt.
Two names that appeared, both claiming to be owed money, include the Internal Revenue Service, with a claim of $144,000, and Apple Valley Foods, a Minnesota pie manufacturer, which is owed $570,000.
Berry-Moore’s had credited her business with turning her life around after she went from being homeless to “becoming a first-generation business owner.”
“I ran away from home at 14 years of age and remained homeless until age 17 years old until the end of my senior year of high school. I lived in abandoned houses and ate out of dumpsters in South Dallas, Texas,” she states on the company’s website.
However, the legal battle is not the first challenge experienced by the baked goods company.
It previously faced problems in 2023 when over 315,000 of its peach pies were pulled from shelves after a manufacturing issue led to the pies being made with unripened peaches, according to Richmond Bizsense.
This resulted in reduced profits as Joyebells only sold products through QVC in 2024.
The Independent contacted lawyers representing Lotus Bank and Joyebells for comment.
