A Popular Beer Company Now Files an Unexpected Bankruptcy

A popular beer company now files an unexpected bankruptcy after disclosing that it had $2.3 million of debt and only $860,000 in revenue.

Guanella Pass continues to operate after its late-December Chapter 11 filing and the brewery has an upcoming big event scheduled for Feb. 17, reports TheStreet.

“At the foot of the Guanella Pass Scenic Byway in Historic Georgetown, CO, sits the original Brewery, and at the foot of Berthoud Pass in downtown Empire sits our second tap room and kitchen.

A true mountain brewery,” the company says.

“We believe that where you drink beer is as important as what beer you drink.

So leave the grind behind, sit for a bit, and share a story or two.

Because here, all you need is what you have and a good beer.”

The brewery also distributes its beers regionally at a number of locations in Colorado.

In its bankruptcy filing, Guanella Pass disclosed that it had $2.3 million of debt while bringing in only $860,000 of revenue in the previous year.

The company showed $72,000 in assets at the time of the filing.

The brewer, which hopes to restructure its debt and keep operating, has a significant number of creditors,

“It owes $573,000 to First Savings Bank, which loaned it money in 2021, and $256,000 to the Clear Creek Economic Development Corp., a nonprofit that loaned it money in 2019.

Both loans are collateralized by the property at 501 Rose St. in Georgetown,” the Denver Post reported.

The brewer also owes its majority shareholders, Steven and Stacey Skalski, $700,000.

In addition, the company has an unpaid $135,000 loan with the U.S, Small Business Administration and owes the Colorado Department of Revenue $100,000 along with $32,000 to its food vendor, $22,000 to its bookkeeper and $10,000 to its power company, the newspaper reported.

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Also Read: A Popular Clothing Retailer Now Begins An Unexpected Liquidation

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Market News Today - A Popular Beer Company Now Files an Unexpected Bankruptcy.
Market News Today – A Popular Beer Company Now Files an Unexpected Bankruptcy.

A massive shoe retailer is now closing locations after store employees said the business was “priced out” after a rent increase.

The Journeys in the Arnot Mall will be closing on January 20 after the company announced plans to shutter 100 stores, reports The-Sun.

Select staff will be transferred to other Journeys locations.

The store is located in Horseheads, which is about two hours south of Syracuse.

The manager said the closure was disappointing and the employees are like family.

There is no closing sale because all the merchandise will be transferred to nearby locations.

This comes after Genesco, which owns the shoe store, announced it would close 100 stores and move away from malls.

In May, it was initially estimated that only 60 locations would close after net sales dipped 7% due largely to a 13% decrease at Journeys.

Genesco expects to save up to $40 million from the closures, reports Retail Dive.

Now the company plans to shift the store’s presence away from malls.

β€œWe still have work to do, but we are so far encouraged by the early reads and believe this initiative will represent a key element in Journeys’ growth moving forward,” said Genesco CEO Mimi Vaughn during an earnings call.

The JCPenney in the Shenango Valley Mall also fought to stay open for years but is set to close in the next few months.

The two businesses had been in a legal dispute for years because the mall wanted to evict the retailer and renovate the property, which is located in Pennsylvania.

JCPenney sued the mall and the court eventually ruled in favor of Butterfli Holdings LLC, the owners of the mall.

It was the last anchor store in the mall after Macy’s and Sears closed in 2017.

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Also Read: A US Company Now Declares An Unexpected Bankruptcy

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Market News Today - A Popular Beer Company Now Files an Unexpected Bankruptcy.
Market News Today – A Popular Beer Company Now Files an Unexpected Bankruptcy.

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