Slutty Vegan landlord seeks nearly $90K in alleged late rent, lawsuit says

A prominent Atlanta landlord has filed suit against the ownership of Slutty Vegan alleging unpaid rent just months after the company went through a restructuring.

An affiliate of Asana Partners last week filed a complaint in Fulton County State Court alleging Aisha “Pinky” Cole and her current and past businesses have breached leases for two retail spaces along Edgewood Avenue. The complaint said Cole and the entities owe more than $87,000 in past due rent, late fees and interest. The restaurant, Slutty Vegan, remains open.

Cole started Slutty Vegan as a food truck in 2018 and rose along with the plant-based burger chain to national prominence. She soon opened a brick-and-mortar location and ultimately grew to 14 locations, though several have since closed.

In recent months, Cole has made the rounds of local and national media recounting how she briefly lost control of her restaurant business but ultimately took it back through a non-bankruptcy restructuring.

Attempts to reach Cole through her representatives and those of Slutty Vegan over three days were not immediately returned.

Since the restructuring, however, Cole’s businesses also have faced lawsuits in Maryland and New York regarding alleged unpaid rent and credit card charges predating the business overhaul.

Cole has publicly said she took back the assets of Slutty Vegan Inc. under a new name, Ain’t Nobody Coming to See You Otis LLC.

“It was mentally exhausting. It mentally drained me, and my hands were tied,” Cole told UATL in April.

Asana Partners, based in Charlotte, owns notable Atlanta retail centers, including Krog Street Market and Plaza Fiesta. Its attorney in the case said the landlord does not comment on pending ligation.

In its lawsuit, the Asana Partners affiliate alleges Slutty Vegan Inc. in 2019 executed two leases for locations of Slutty Vegan and The Morning After, a concept she previously envisioned, on Edgewood Avenue in Atlanta’s Old Fourth Ward neighborhood.

In July of this year, court documents claim the two leases were assigned to a new company called SV Franchise LLC to “absolutely and unconditionally” guarantee the tenants’ obligations under the leases, including past due payment. Cole is named as the authorized representative for SV Franchise LLC, according to the documents.

But the lawsuit alleges SV Franchise failed to pay past due receivables, along with payments since the assignment of the leases.

Slutty Vegan Inc. went through a state-level alternative to bankruptcy known as an assignment for the benefit of creditors or ABC, according to Molly Froschauer, a principal with Resolution Financial Advisors, who managed the process for the company.

The ABC process can be less costly and more discreet than bankruptcy, according to the American Bar Association.

“It allows a distressed company or an insolvent company to liquidate its assets without the general complexities of bankruptcy,” said Jack F. Williams, a professor at Georgia State University College of Law.

But unlike a Chapter 11 bankruptcy restructuring, in the ABC process, there is no immunity from lawsuits by creditors.

“There is no automatic stay, so people can continue, if you’re not in bankruptcy, suing you,” Williams said.

Froschauer said in an email to The Atlanta Journal-Constitution when Slutty Vegan Inc. entered into agreements such as leases for her business “many of the vendors and landlords required Ms. Cole to personally guarantee the debts.”

In July, a division of American Express filed a lawsuit in New York County Supreme Court alleging Slutty Vegan Inc. defaulted on a commercial credit agreement and owes more than $150,000. Cole is listed as the account holder in court documents.

In August, another landlord filed a complaint in Baltimore City Circuit Court. The affiliate of MCB Real Estate alleges Slutty Vegan Inc. defaulted on its obligations to pay rent and failed to pay a 2024 judgment, which resulted in the landlord taking back the space. The landlord is seeking damages it claims total nearly $130,000, the complaint said.

Attempts to reach attorneys in both cases were not immediately successful.

Williams, the Georgia State professor, said an option could be to negotiate a debt settlement.

“Your counterparty, these landlords or the credit card company, usually are willing to try to cut a deal,” he said. “There are a lot of options on everyone’s side here.”

Five Slutty Vegan locations remain open today, according to the company’s website. Another location at the Atlanta airport was recently shelved.

Cole earlier this year shared her financial struggles with media outlets, including People magazine and UATL, proclaiming the start of “Slutty Vegan 2.0.”

“I’m excited to build that empire. Not just Slutty Vegan, but other concepts as well,” Cole told UATL. “I have so many great ideas.”