A popular brewery company now files for an unexpected bankruptcy after facing economic hardships, sources report.
Cherry Hill, N.J.-based craft brewery Forgotten Boardwalk Brewing filed for Chapter 11 protection on Jan. 12 in the U.S. Bankruptcy Court for the District of New Jersey.
It was facing economic hardship after the company’s owner was not allowed to renegotiate its lease with the brewer’s landlord, reports TheStreet.
Forgotten Boardwalk Brewing’s owner, Jamie Queli, on Jan. 12 posted a message on Meta Platforms’ Facebook site thanking its customers and supporters and explaining the company’s predicament.
“We have vigorously tried to sign a lease extension with our landlord to no avail as our next door neighbor has leased out the space from underneath us,’ Queli wrote.
“We are extremely disappointed and quite frankly, appalled at the actions of both companies and their adamant refusals to negotiate with us.”
The building’s owner is Endurance Real Estate Group LLC, and the building at 1940 Olney Ave. in Cherry Hill is also occupied by the brewery’s neighbor, Bestwork Industries for the Blind Inc., NJBiz reported.
The brewery will maintain regular business hours and serve its tasting-room visitors through its final day of operation on Feb. 29, the message said.
“While this chapter is coming to an end, we hope that Forgotten Boardwalk will continue, possibly in another form, in the future.
In the meantime, we are welcoming any and all business opportunities for Forgotten Boardwalk,” the message said.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive mall retailer is now laying off 2,350 people, or 3.5% of its workforce across the entire United States, sources report.
Macy’s has announced that it will reduce 3.5% of its workforce and has plans to shut down a total of five of its full-line stores.
In a statement sent via email, a spokesperson for Macy’s said, “In anticipation of implementing a new strategy to adapt to the evolving needs of consumers and the market, we have made the tough choice to streamline our company by reducing our workforce by 3.5%.”
Reports indicate that approximately 2,350 corporate positions will be cut by as early as this month.
Supply chain automation, some outsourcing, and faster decision-making were reportedly among the reasons for the cuts.
The Wall Street Journal first reported the news.
Retailers often lay off employees and announce store closures after the holidays, especially if they had a sluggish sales season.
However, Americans spent at a faster clip in December from the month prior, the Commerce Department said this week.
The company opened its first Macy’s in 1858 and now operates about 500 Macy’s branded stores, as well as 55 of the more upscale Bloomingdale’s chain.
In addition to the closures of anchors of five malls in California, Florida, Hawaii, and Virginia, Macy’s will sell and relocate two furniture stores.
A group of investors in December reportedly proposed to take Macy’s private at a vulnerable moment for the famed company. Macy’s has not commented on the activist attempt.
Macy’s has attempted numerous strategies in recent years to revitalize business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory.
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Also Read: This Massive Clothing Company Is Now Closing Stores
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