{"id":13596,"date":"2026-02-09T05:00:00","date_gmt":"2026-02-09T12:00:00","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/is-an-economic-rebirth-on-the-horizon-for-rocky-mountain-chocolate-factory\/"},"modified":"2026-03-31T03:38:45","modified_gmt":"2026-03-31T03:38:45","slug":"is-an-economic-rebirth-on-the-horizon-for-rocky-mountain-chocolate-factory","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/is-an-economic-rebirth-on-the-horizon-for-rocky-mountain-chocolate-factory\/","title":{"rendered":"Is an economic rebirth on the horizon for Rocky Mountain Chocolate Factory?"},"content":{"rendered":"\n

\"Irene
Irene George, left, and Aimee Bitanny with Rocky Mountain Chocolate Factory apply texture to chocolate peanut butter bars on the production line Jan. 22 at the factory in Durango. Headed up by Interim CEO Jeff Geygan, the company is revamping its internal operations and out-facing branding. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

When Rocky Mountain Chocolate Factory Interim CEO Jeff Geygan took over company operations in May 2024, the beloved Durango-grown confectionary was on the brink of bankruptcy. Turning things around was the first item on Geygan\u2019s agenda.<\/p>\n

\u201cWhen we came in, we said, \u2018Guys, we\u2019re losing a ton of money here, so whatever you did yesterday, assume we\u2019re going to do it differently tomorrow,\u2019\u201d he said in a wide-ranging interview with The Durango Herald<\/em>. \u201cIf what (was done) yesterday worked, I wouldn\u2019t be sitting here \u2013 trust me.\u201d<\/p>\n

Rocky Mountain Chocolate Factory stock has declined more than 50% since 2021, and though the company generated $7.5 million in revenue in its most recent fiscal quarter, which ended in November, RMCF still reported $155,000 in debt after paying for operations, labor and other expenses.<\/p>\n

The steep rise in the cost of cocoa in recent years hasn\u2019t helped matters, Geygan said.<\/p>\n

Cocoa prices skyrocketed from roughly $4,500 in January 2024 to a peak exceeding $12,000 per metric ton in April 2024 \u2013 a 47-year high \u2013 as the result of a supply crisis, and have only just begun to level out as of early 2026.<\/p>\n

\u201cWe didn\u2019t adjust, and our earnings went straight down,\u201d Geygan said. \u201cThat was the beginning of when we really started to hemorrhage here.\u201d<\/p>\n

\"Saul
Saul Garcia with Rocky Mountain Chocolate Factory inserts a jumbo chocolate bar into a large tank on Jan. 22, where the bars are melted and the chocolate is tested before being sent to the production area. About 2 million pounds of chocolate are shipped out of the Bodo Industrial Park factory per year, said Interim CEO Jeff Geygan. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Some fiscal improvement has been seen since Geygan took the reins \u2013 like $2.7 million in new equity being brought in from investors \u2013 but stock prices haven\u2019t seen any marked improvement since his tenure began.<\/p>\n

Stocks have traded from a high of about $3.25 and a low of $1.12 per share since May 2024, with a temporary spike that reached about $3.10 in fall 2024. The stock closed at $2.43 Friday.<\/p>\n

Several prominent new initiatives are on Geygan\u2019s makeover agenda.<\/p>\n

The company has plans for 34 new store locations across the U.S., including at least one in Fresno, California, nine in Florida within the next three years, and another in Terminal B of the Houston International Airport.<\/p>\n

\"Rocky
Rocky Mountain Chocolate Factory Interim CEO Jeff Geygan talks about the company\u2019s future Jan. 22 at the factory in Bodo Industrial Park in Durango. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Geygan is also heading up an effort to get RMCF brand ice cream into stores, made with the company\u2019s chocolate and candy.<\/p>\n

Fifty-two percent of RMCF stores sell ice cream across 14 different brands, Geygan said, and the hope is to begin replacing as much of that outsourced ice cream as possible with RMCF-branded ice cream beginning this holiday season.<\/p>\n

\u201cWhether we know it or not, we\u2019re in the ice cream business,\u201d he said. \u201cSo, why don\u2019t we actually get into the ice cream business?\u201d<\/p>\n

\"Rocky
Rocky Mountain Chocolate Factory Interim CEO Jeff Geygan and CFO Carrie Cass talk with employees Mickey Snead, left, and Rodelda Bunnie as they package Pecan Bears on Jan. 22 at the factory in Bodo Industrial Park in Durango. Significant employee turnover has been part of the company\u2019s recent revamp efforts. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Though RMCF-branded ice cream will likely begin appearing in stores within the year, the company\u2019s flagship store on Main Avenue in Durango will be unable to offer ice cream because of a noncompete clause with the Cold Stone Creamery across the street, Geygan said.<\/p>\n

\"Truffles
Truffles the Rocky Mountain Chocolate Factory mascot has had a recent makeover as part of a companywide revamp headed up by Interim CEO Jeff Geygan. The new bear sat in the lobby of the Bodo Industrial Park factory on Jan. 21. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Another effort Geygan headed up was a revamp of the company\u2019s signage and its mascot, Truffles the bear.<\/p>\n

The new Truffles \u2013 which looks a bit like the original bear\u2019s more chipper and spry younger brother \u2013 is clad in a train engineer\u2019s outfit to represent the railroad and show off the bear\u2019s Durango roots.<\/p>\n

All of these initiatives are part of building a comprehensive story around the brand, Geygan said \u2013 one based firmly in the company\u2019s homeland.<\/p>\n

\u201cDurango is quaint; we\u2019ve got the legacy,\u201d he said. \u201cBut no one\u2019s really ever sat down and said, \u2018How do you build a brand out of this whole thing? And what do you orient it around?\u2019 Like, guys, all the pieces are sitting here \u2013 let\u2019s just dust them off and let\u2019s put it together and build the story.\u201d<\/p>\n

Though the company could benefit financially from relocating operations to a bigger city, Geygan said loyalty to Durango is paramount.<\/p>\n

\u201cI\u2019ve committed to it \u2013 to staying here \u2013 because I think we\u2019re an important member of the community, and the community has been good to us,\u201d he said. \u201cI think it would be a huge slap in the face to say to the company or the community, \u2018Thanks for 45 years \u2013 we\u2019re out of here because we can make an extra nickel somewhere else.\u2019\u201d<\/p>\n

Rocky Mountain Chocolate Factory was founded in Durango in 1981 by Frank Crail, a former tech executive who moved to the city to start a family with his wife, Ruan. The company went on to find far-reaching success, now boasting over 140 franchise and 250 co-branded locations in the U.S., and three in the Republic of the Philippines.<\/p>\n

\"Judy
Judy Harrison with Rocky Mountain Chocolate Factory flattens almond bark before it cools Jan. 22 at the factory in Bodo Industrial Park in Durango. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Durango Business Improvement District Executive Director Tim Walsworth said the shop\u2019s central location, the number of jobs generated by the company and the factory\u2019s successful export efforts are all part of what brought RMCF to notoriety.<\/p>\n

Geygan said RMCF has 140 people employed in Durango and 35 elsewhere as of January, with the vast majority of Durango-based employees working on the factory floor. About 1,000 additional employees work for franchise locations.<\/p>\n

The company\u2019s only production factory is located in Bodo Industrial Park in Durango. The factory, which Geygan said is largely staffed by Native American and Hispanic employees from the Four Corners, produces about 300 different types of confectionery products and ships out roughly 2 million pounds of chocolate per year.<\/p>\n

Part of the revamp of the company has included a \u201cfair amount of turnover\u201d in staff, he said.<\/p>\n

\"The
The caramel corn machine used at the Rocky Mountain Chocolate Factory in Bodo Industrial Park, pictured Jan. 22, is over 100 years old. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Geygan said the staffing changes have included firing some employees, but he declined to share specifics about how many employees were fired, how many quit and how many new employees were hired since his tenure began.<\/p>\n

An anonymous tip sent to the Herald<\/em> in May described more than 15 employees having left the company after Geygan\u2019s tenure began, at least six of whom were allegedly fired. Several of the employees who left had worked there for more than 15 years, the source said.<\/p>\n

Geygan said about 80% of new employees hired since he took over as interim executive director have remained with the company.<\/p>\n

\u201cHas there been turnover here? Absolutely,\u201d he said. \u201cHave we fired people? Not many. I can count on one hand the number of people that I\u2019ve literally said to, \u2018Sorry, you\u2019re not cutting it.\u2019\u201d<\/p>\n

Geygan said one employee was let go for illegally trading stock, and that the former CEO \u2013 who Geygan, as an RMCF board member, helped hire \u2013 was fired for being \u201cquite aggressive\u201d and out of alignment with the company\u2019s culture. But most employees \u201cself-selected\u201d to leave their positions, he said.<\/p>\n

Former CEO Robert Sarlls, who worked for the company from May 2022 to January 2024, could not immediately be reached for comment Friday.<\/p>\n

\"Rocky
Rocky Mountain Chocolate Factory team leaders meet on the production floor at the factory in Bodo Industrial Park in Durango on Jan. 22. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

Geygan said employee turnover has been part of an intentional \u201cculture shift.\u201d<\/p>\n

\u201cWe started setting expectations,\u201d he said. \u201cWe started holding people accountable. It was a cultural shift, and we\u2019re big on culture here. \u2026 So there\u2019s been a lot of turnover. I admit that. And I hate it, by the way. I hate getting to know new people. But what I have said anecdotally to my executive team is, \u2018Every time we hire someone new, we upgrade our talent,\u2019 and it\u2019s stunning to me.\u201d<\/p>\n

As of February, Geygan had worked in an interim capacity at RMCF for 21 months. He said though the board would happily bring him on in a more permanent position, he\u2019s content to retain the \u201cinterim\u201d title for now.<\/p>\n

\u201cI\u2019m a sophisticated financial guy: I\u2019ve hired and fired CEOs. I\u2019ve owned dozens of companies on Wall Street,\u201d he said. \u201c\u2026 So, the narrative is, you can bring me on as permanent, but it\u2019s going to cost you a lot more, and I\u2019m not looking to increase our expenses; I\u2019m looking to save them.\u201d<\/p>\n

A permanent executive director role would qualify Geygan for a higher salary, he said, but he\u2019s more interested in the eventual return on his RMCF stock.<\/p>\n

\u201cI\u2019m happy to work for the $390,000 (per year interim salary) \u2013 I don\u2019t care, because I own 20% of the stock,\u201d he said. \u201cThe payday for me is if I can drive the stock from two bucks to 20 bucks. \u2026 And I\u2019m willing to bet on myself here. So, I haven\u2019t pressed the issue with the board.\u201d<\/p>\n

Al Harper, former RMCF board member of a year and CEO of American Heritage Railways, bought 13% of the company\u2019s shares<\/a> in August 2024. He told the Herald<\/em> in January that the company is no doubt in the midst of an \u201cuphill battle\u201d economically and logistically \u2013 but that he has faith RMCF will find its way.<\/p>\n

\u201cI think they have some excellent plans, and they\u2019re working really hard to get Rocky Mountain going in the right direction,\u201d he said. \u201cI think for too long they let it sit the way it was and didn\u2019t keep coming up with new things to maintain interest in the brand. They\u2019ve changed that, and I\u2019m excited about it.\u201d<\/p>\n

Harper said turning the company around will be a long-term commitment.<\/p>\n

\u201cThey\u2019ve cured the quick, real immediate problems, and now they\u2019re in that process of the long-range plan \u2013 language, marketing,\u201d he said. \u201cSo, am I optimistic? Yeah. I think they\u2019re going to do fine.\u201d<\/p>\n

Geygan said he receives frequent requests from private-equity firms interested in buying the company, but that he\u2019s not interested in selling.<\/p>\n

\"The
The Rocky Mountain Chocolate Factory warehouse in Bodo Industrial Park in Durango on Jan. 22, where all products are shipped and supplies are received. (Jerry McBride\/Durango Herald)<\/span>cca<\/span><\/figcaption><\/figure>\n<\/p>

\u201cWe say, \u2018No, no, we\u2019re not for sale like that,\u2019\u201d he said. \u201cWe\u2019re going to really drive the value of this business.\u201d<\/p>\n

Geygan said when Rocky Mountain Chocolate Factory is financially and logistically stable, he\u2019ll take his leave.<\/p>\n

\u201cI\u2019m not going to be here forever,\u201d he said. \u201cI\u2019m 65 years old. Guys like me retire, and I\u2019ll do that. \u2026 At some point I\u2019m going to say, \u2018Look, it\u2019s fixed. I now get to go back to South Carolina, get (to have) my sleepy little life where I manage money and harass ill-behaved companies \u2013 which I really like. But for probably the next couple years, I\u2019m going to be sitting around here making sure we get it right. And you\u2019ll know it\u2019s fixed when you see we have a new CEO.\u201d<\/p>\n

epond@durangoherald.com<\/a><\/em><\/p>\n

\n

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Interim CEO aims to return iconic Durango business to sound financial footing<\/p>\n","protected":false},"author":1,"featured_media":13597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[431,1357,28,1355,1356,994],"naviga_topic":[],"class_list":["post-13596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-business-general","tag-contests","tag-headlines","tag-rocky-mountain-chocolate-factory","tag-stocks","tag-trueanthem"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/13596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=13596"}],"version-history":[{"count":3,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/13596\/revisions"}],"predecessor-version":[{"id":19059,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/13596\/revisions\/19059"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/13597"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=13596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=13596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=13596"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=13596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}