Kyle Cooke is sharing some major updates on his alcoholic spritz brand, Loverboy. The entrepreneur has been open about his financial struggles with his brand during Summer House Season 10, and is continuing to keep people informed about it today.
Kyle took to Instagram on Thursday, April 2, where he revealed that he has gotten so much support about Loverboy in the past week after opening up to cast member Carl Radke during Summer House Season 10, Episode 9, about trying to keep his business afloat. He explained in the video update that he has since had an “outpouring of inquiries to help: how can we support, people sending over marketing ideas and PowerPoints and new product concepts.”
“I want to first pause and thank you guys,” he said. “I’ve certainly bit off more than I can chew and made some mistakes along the way. But it’s all because of you. Well, the good parts.”
Kyle went on to add more insight into navigating ongoing challenges: “We’re still up against the clock. We’re still running out of cash. We’re still looking for an operational partner. I thought by now all of that would be solved. That’s why I talked so openly about it. Bringing people through the struggles hits a little different knowing they still exist,” he noted. “These are crazy, unprecedented times.”
He added, “Some of it’s out of stock, but we’ve got to sell what we’ve got to keep the production runs going and keep the lights on.”
“I have an amazing team. Actually, an all-women team,” he continued. “And so, by supporting me, you’re supporting my team. Quite literally. Cause I don’t take a salary, as we talked about.”
RELATED: Kyle Cooke Reveals Loverboy Is at Risk of Bankruptcy and Hints “How Long Can We Last”
Kyle Cooke opens up about Loverboy’s struggles during Summer House Season 10
Kyle told Carl during Summer House Season 10, Episode 9, that his wallet was “way too deep in Loverboy” to invest in Carl’s business, Soft Bar and Café. “Last month alone, before our loan payment, we lost 175 grand; our loan payment is 150 grand a month,” he explained, before revealing that the business had “three” months left before going bankrupt. “Bro, it’s like the most stressful thing you could imagine.”
Kyle had previously opened up about Loverboy’s issues during Summer House Season 10, Episode 8, where he admitted that he had an upcoming investor call to talk about the future of the business. “We have to talk about how long we can last based on our current cash reserves,” he said.
Kyle Cooke shares his current challenges in the alcohol industry
Kyle also opened up about his current challenges with Loverboy and the alcohol industry during a Jan. 28 panel appearance at 92nd Street Y. “I went from like, speaking at all the industry conventions, because we were one of the fastest growing brands, to having some real challenges,” he said in a clip posted to Instagram.
“And I think that was part of the stress last year,” he added. “It continues to be a huge source of stress just because [the] beverage [industry] is not easy. Beverage alcohol is not easy because you have all the regulations to think about… But right now, we’re just hoping that people support the brand as we kind of transition and pivot a little bit. But it’s not easy. And you’ll see, it really got the best of me.”
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Get a look into Kyle’s career transition as a DJ amid his struggles with Loverboy.
