A giant Illinois-based company now files an unexpected bankruptcy as it seeks to reorganize its business, sources confirm.
The iconic operator of Oberweis Ice Cream and Dairy retail stores in the Midwest, which was founded in 1927, on April 12 filed for Chapter 11 bankruptcy to reorganize its business, reports TheStreet.
“Oberwies is a throwback to the heyday of dairies as it still sells its milk in glass bottles and offers home delivery of its dairy products in Illinois, Indiana, Michigan, Missouri, North Carolina, Virginia and Wisconsin.”
Founder Peter Oberweis became a partner in Big Woods Dairy in 1927, took full ownership in 1930 and renamed it Oberweis Dairy.
The company, which opened its first ice cream shop in 1951, currently operates 43 Oberweis Ice Cream and Dairy retail locations in Illinois, Indiana, Michigan and Missouri.
The North Aurora, Illinois-based ice cream and dairy retailer listed $10 million to $50 million in assets and liabilities in its petition.
And its debtor listed about $4 million owed to its top 20 unsecured creditors that included Penske Truck Co. and food safety company EcoLab as well as over $173,000 to the Cook County Treasurer, Chicago NBC affiliate WMAQ reported.
In 1996, Oberweis Dairy relocated to a brand new production facility, corporate office and dairy store in North Aurora, Illinois where the company is still headquartered today.
“The new facility allowed for a tripling in milk production capacity and a tenfold increase in ice cream production capacity.
A later expansion provided an additional tenfold increase in ice cream production capability,” the company states on its website.
“Beginning in 2007, Jim and Elaine’s son, Joe, became the 4th generation of his family to lead the company.
Joe continues to lead and evolve the family business today.”
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
Other Economy News Today
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 US Bank Is Now Freezing Customers’ Money
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