A beloved brewery now declares an unexpected bankruptcy after reporting that it had less than $7.5 million in debt.
District 9 which operates 3 microbreweries and 1 production brewery, and operates a distribution center, has now filed for Chapter 11 bankruptcy.
The company did not provide a financing or turnaround plan as part of its filing.
District 9 Brewing did say that it expected funds to be available for unsecured creditors.
The company said it owed money to between 50 and 99 creditors while its assets are less than $500,000.
District 9 appears to have closed its taprooms, perhaps temporarily and its website shows no upcoming events.
The online store linked to its website, which appears to be operated by an unrelated third party, still enables purchase of D9 beers.
District 9 Brewing made supporting its community a core pillar of its business philosophy, reports TheStreet.
“Our mission at D9 is to inspire and support the community through the creation of exciting and originally crafted ales,” the company wrote.
“As explorers of all beer styles, we offer a wide variety of selections for exceptional craft drinking experiences.
We invest in the scientific exploration of the natural world to produce the highest quality, and unquestionably original, crafted ales.”
The company also supported local charities with some of its events.
“D9 greatly values coming alongside our local nonprofit community partners in supporting efforts to drive meaningful change for our neighbors,” the brewery added.
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Maryland
Other Economy News Today
A popular breakfast restaurant now makes unexpected closures in the same state after profitability was impacted by inflation.
Denny’s has shut down two locations in Idaho – one in Boise and the other in Nampa.
Each of the location’s Facebook pages has them listed as permanently closed.
The news comes after a recent company earnings call where Denny’s’ Executive Vice President and Chief Financial Officer, Robert Verostek, confirmed it will be closing around 60 locations.
Verostek mentioned that inflation impacted the company’s profitability calling the financial losses a “break point of a closure.”
“So we are continuing to work through some additional closures that as a result of those inflationary pressures,” he added.
Most of the Denny’s locations operate as franchises.
In fact, the chain’s website states that there are 1,631 restaurants, 1,558 of which were franchised and licensed.
While the company plans to close around 50 to 70 locations, Verostek said in the earnings call that there will also be new restaurants opening.
Verostek said that there will be about 40 to 50 openings.
However, 12 to 16 of those will be Keke’s.
This isn’t the first closure Denny had to make in Idaho.
The restaurant closed up shop at a location in Chubbuck – the southeastern portion of the state.
Denny’s confirmed it served its last Grand Slam back on February 11.
Additionally, they noted that the decision to shutter was made by the owner of that location, not by the company itself.
“Deciding to close a restaurant is never an easy decision, and that decision was made by the local owner,” Denny’s wrote.
The nearest location was about 50 miles from Chubbuck, however, that restaurant closed only four months prior.
Another location out of Oakland, California shut its doors back in January.
Customers walked up to the restaurant on 601 Hegenberger Road to a sign on the door after it closed at 1 pm.
The sign explained the reason for the closure.
“Closing a restaurant location is never an easy decision or one taken lightly,” it read.
That location had been open for 54 years.
Also Read: A Massive Discount Retailer Is Now Closing 600 Stores
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