Aug 31, 2026 · 1h 29m
A tortilla-chip gamble rescued Late July from collapse
Late July Snacks: Nicole Bernard Dawes. Crackers and Cookies were Failing… Tortilla Chips Saved Them
Nicole Bernard Dawes shows how a promising organic-food startup survived slow sales, a $3.5 million debt crisis, and the loss of founder control.
- 1Late July’s early success at Whole Foods masked a fundamental problem: organic crackers sold too slowly to support the business.
- 2A loan triggered by Nicole’s father’s death made $3.5 million immediately due, forcing her to seek an unconventional refinancing lifeline.
- 3Organic tortilla chips became Late July’s hero product, helping build a roughly $100 million brand before a merger pushed Nicole out.
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After her father’s death triggered an immediate $3.5 million debt crisis, Nicole’s candid appeal at a trade show helped uncover refinancing that kept Late July alive.
The brief
Nicole Bernard Dawes grew up around her parents’ food businesses, then launched Late July to make familiar snacks with organic ingredients and better taste.
The company’s early trade-show orders looked like a breakthrough, but crackers moved too slowly, cookies lost money, and marketing resources were scarce.
After Nicole’s father died, a loan clause made $3.5 million immediately due; a candid trade-show conversation led RSF Finance to refinance the debt.
Late July’s tortilla-chip gamble finally produced the hero product the company needed, combining strong taste with organic and allergen-friendly positioning.
The brand grew to roughly $100 million, but a Snyder’s Lance merger with Campbell’s left Nicole without the buyback protection she expected and out of the company.
Nicole later applied those lessons to Nixie, emphasizing product velocity, disciplined financing, and the limits of control when outside capital enters.