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JPMorgan Firm Now Barred by Regulator for Illegal Trading
Investors Now Press Trump on The MMTLP Scandal: What’s Next?
Certain Banks and Credit Unions Can Now Freeze Accounts Under New Law
Margin Call Forces Citadel Rival Into $15 Billion Loss
Home Sales Fall To A New Record Low
More US Consumers Are Beginning to Cut Retail Spending
Beloved Grocery Store Ice Cream Company Now Files Unexpected Bankruptcy
Fed Report: Auto Loan and Mortgage Delinquencies Soar Amongst Americans
Home/Banking News/An Unexpected Brewery in Illinois Is Now Closing This Summer
Market News Today - An Unexpected Brewery in Illinois Is Now Closing This Summer

An Unexpected Brewery in Illinois Is Now Closing This Summer

By Frank Nez
May 24, 2024
2

An unexpected brewery in Illinois is now closing this summer just after a year of reopening the location, sources are confirming.

The Lagunitas Brewery in Chicago, only opened back up in the spring of 2023 after being shuttered for three years during the Covid-19 pandemic.

“We are committed to managing this transition thoughtfully, smoothly and with deep respect for our valued Chicago Lagunitas employees,” a spokesperson told NBC affiliate WMAQ.

Lagunitas plans to move the Chicago operations back to its original California production center in Petaluma, in Sonoma County north of San Francisco.

It said that the closure of its Chicago location, which opened in 2014 as the brewery pursued Midwest and East Coast expansion, was “prompted by a need to future-proof” the company, according to Chicago Eater.

The brewery has hopes the closure will “allow for a more efficient and flexible supply chain, with a greater focus on innovation and the acceleration of more sustainable brewing practices.”

Lagunitas Brewery will shutter for good on August 1st.

The closure will unfortunately affect a total of 86 employees, though some will keep remote roles or relocate to continue to work in Petaluma, reports The-Sun.

Those who don’t make the transition will receive retention incentives to work through until the closure and departure packages that include support services and job-placement help, according to the release, reported by WMAQ.

Lagunitas, which is owned by Heineken, had intentions of its Chicago location serving the Midwest and East Coast with the freshest beer.

In 2014, founder Tony Magee said that 55% of Lagunitas sales came from “east of Denver,” so the Chicago location would allow for another massive stretch of the country to be covered, all while saving money on transportation, according to Good Beer Hunting.

Two years after it began beer production, Lagunitas in Chicago produced 405,000 barrels annually, the Chicago Tribune reported

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - An Unexpected Brewery in Illinois Is Now Closing This Summer.
Market News Today – An Unexpected Brewery in Illinois Is Now Closing This Summer.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - An Unexpected Brewery in Illinois Is Now Closing This Summer.
Market News Today – An Unexpected Brewery in Illinois Is Now Closing This Summer.

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Frank Nez

Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.

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  1. Frank Nez says:
    May 24, 2024 at 12:15 am

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  2. Frank Nez says:
    May 24, 2024 at 12:15 am

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