A popular beer brand now declares an unexpected bankruptcy while claiming it expects to have the funds available to pay its creditors.
Fargo Brewing has filed for Chapter 11 bankruptcy protection under Subchapter V of the bankruptcy code.
That means its debts are less than $7.5 million, reports TheStreet.
The company also said that it expects to have funds available to pay unsecured creditors.
The company has not shared a financing or turnaround plan but it did share with the court that it has some assets that will lose value if over time.
That likely refers to perishable goods used in making beer.
Fargo Brewing reported assets in the range of $100-500,000.
Its liabilities are in the $1-10 million range (based on the checked box on the bankruptcy form), but must be under $7.5 million based on it filing for Chapter 11 bankruptcy under Subchapter V.
The brewery appears to still be operational and events are listed on its website, with tickets still being sold for concerts well into July.
Fargo Brewing not only brew beer, it also hosts relatively big-name bands.
The company was built around beer, but its outdoor concert venue has hosted acts including Violent Femmes, rapper Prof, and country singer Shakey Graves.
“Since its founding in 2010, Fargo Brewing has been on a mission to bring our community together through the art of craft beer.
We understand that you are more than just beer enthusiasts; you are the heart and soul of Fargo, and we are here to celebrate you,” the company shares on its website.
“As locals ourselves, we share your love of classic beer and celebrate the uniqueness of our city.
That’s why we put our heart into every batch, meticulously crafting beers that resonate with your diverse tastes.
Whether you’re a hop-head seeking bold flavors or a newcomer eager to explore approachable styles, we have specifically for you,” it posted.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
Other Economy News Today
Shoppers now mourn the loss of a massive discount retailer of the the company announced that it would be closing all 371 of its stores.
99 Cents Only customers are begging for their favorite store to stay open despite plans for all locations to shutter, reports The-Sun.
The discount chain filed for bankruptcy last week, but an industry veteran is interested in saving some stores.
99 Cents Only stores across the south-western states are preparing to close down due to bankruptcy, but shoppers are not happy.
“This needs to stay open,” a loyal customer told the Los Angeles Times.
“I make OK money, and buying here helps me. But imagine if you’re on WIC? If you’re on Social Security?
“You need a place like this. Are people now supposed to go to Ralphs? Or Target? With what money?”
Another customer told the LA Times that the affordable prices of 99 Cents Only had helped keep her family afloat.
“I could buy toys for my younger kids, my older kids could get pens for school, and I could do groceries for all of us. And the prices, of course.”
“Well, everything is more expensive nowadays, so I guess this had to end,” she added.
99 Cents Only filed for Chapter 11 bankruptcy protection Sunday, April 7.
In a statement, the company said inflation had made it business model unsustainable.
The company’s Interim Chief Executive Officer Mike Simoncic remarked on the announcement, stating the following:
“The last several years have presented significant and lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwinds.”
99 Cents Only has 371 locations spread across California, Arizona, Nevada, and Texas.
Since its first store opened in 1982 in Los Angeles, it has served as a local rival to Dollar Tree and Dollar General.
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Also Read: A Massive Bank Is Now Closing Nine More Locations
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