A beloved brewery now goes through an unexpected liquidation process after its assets were sold in a mid-February auction.
Flying Fish Brewing, a Pennsylvania brewery that operates in southern New Jersey, filed for Chapter 11 bankruptcy protection in late January in U.S. Bankruptcy Court for the District of New Jersey after a sale to Cape May Brewing Co. collapsed, reports TheStreet.
At the time creditors called for the brand to be liquidated, and now that plan has become a reality.
“But the Flying Fish name is likely to live on as Guildford Hall Brewery out of Baltimore MD bought the intellectual property of the brewery, which includes the name brands of the beers, trademarks, packaging, websites, and some contracts.
Their purchase price at $152,500 was the largest of the items sold,” 42Freeway reported.
The previous owners posted a farewell message on its Facebook page.
“Well, at least we went out with a bang last weekend.
Thank you to everyone that came out. We appreciate all of our customers over the years.
We’re sad that we cannot continue operations as they were in our Somerdale location, but it’s nice to know the brand itself will live on,” the former Flying Fish owners said.
The company’s taproom will not reopen.
In a final Facebook post the previous owners joked about what might happen, saying the brewery building might become a Spirit Halloween store.
“Who knows what will come of the building once its contents have been moved to their new homes?
Signing off of this account now as it’s probably part of the IP that now belongs to the new owners,” the former owners added.
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Also Read: A Famous Restaurant Chain Now Closes 4 Locations in Florida
Other Economy News Today
A massive mall clothing retailer now faces Chapter 11 bankruptcy as it struggles to keep its cash reserves above water.
Children’s Place, to its credit, has been working to get itself out of leases at dying malls, reports TheStreet.
“The chain has closed 250 locations over the past year driving more of its business to its website and its digital storefront on Amazon.
That’s probably the right strategy, but the retailer may run out of cash before it can fully correct its business,” the outlet reports.
Total liquidity as of Feb. 3, 2024 is expected to be approximately $45 million (including approximately $13 million of cash and cash equivalents and approximately $32 million of excess availability under the company’s credit facility after excluding all necessary reserves and excess availability requirements),” the company shared in advance of fourth quarters earnings release.
And, while the company has very little cash, it did share some good news when it comes to its overall debt load.
“As previously anticipated, total indebtedness is expected to decrease by more than $100 million versus the third quarter of fiscal 2023 and, as of February 3, 2024, is expected to be approximately $277 million as compared to $408 million as of the end of the third quarter of fiscal 2023,” Children’s Place added.
However, the company knows that it is in a dire position based on its available cash.
“The company has been working to improve its liquidity position and strengthen its balance sheet to best position the company for the future.
The company is working with its advisors (including Centerview Partners), lenders, and potential lenders to obtain new financing necessary to support ongoing operations, and is considering strategic alternatives in the event that the company is unable to consummate new financing,” it shared.
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Also Read: A Popular Essential Retailer Is Now Closing 72 Locations
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