Another beloved brewery now files an unexpected bankruptcy after reporting liabilities of $601,000 and assets of $135,000.
7 Mile Brewery of Rio Grande, New Jersey has filed for Chapter 11 bankruptcy protection.
The company, which closed its doors in May, officially filed for bankruptcy in late -February, reports TheStreet.
The company did share a goodbye on its Facebook page after its last day of operations in May.
“Well that’s a wrap. Thank you to all that came out this weekend to support us.
Thank you to all of you for sharing your memories and sending well wishes. We will miss you all. We would also like to thank all our amazing employees through the years.
7 Mile Brewery was all because of you,” the company shared.
It remains unclear why 7 Mile Brewery waited this long to file as it did not appear to be working toward a plan to reopen.
The company reported liabilities of $601,000 and assets of $135,000, which is mainly in brewing equipment.
Filing for Chapter 11 bankruptcy protection might allow the company’s owners to work out a plan to keep that equipment.
That could, in theory, allow them to open in another location or brew beer to sell to wholesalers, reports TheStreet.
However, local radio station, 92.3 The Buzz shared what it believes to be the reason for the filing.
“The craft brewer closed down its operation in May 2023 but has gone to court seeking protection after landlord threats of on-site auctions to sell the property outright.”
7 Mile Brewery isn’t the only one in its industry to shutter.
Deadwords and Persimmon Hollow, two Florida breweries also filed for Chapter 11 bankruptcy earlier this year.
Both of those beer brands are trying to stay open.
Forgotten Boardwalk Brewing in New Jersey was not as lucky, having closed down in February.
That was the same fate met by The Alementary Brewing Co., another New Jersey brewery which closed after a bankruptcy filing.
In addition, franchise retail chain Craft Beer Cellar filed for Chapter 7 bankruptcy to liquidate its assets, after suffering from financial distress and failing to sell its business.
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Also Read: A Giant Company Now Announces Unexpected Layoffs in Michigan
Other Economy News Today
A famous retailer is now closing nearly half its stores, part of a new restructuring plan that has prompted liquidation sales.
Iconic chain Sam Ash operated 44 locations in Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, North Carolina, New Jersey, Nevada, New York, Ohio, Pennsylvania, Tennessee, Texas, and Virginia.
The company did not make the decision to close stores lightly.
“For the last 100 years, Sam Ash Music has successfully adapted to meet the challenge of changing business conditions.
As we look towards the next 100 years, the company must continue to adapt to ensure its continued success,” Sam Ash told amNewYork Metro.
The company, which also sells through its website, wanted to make it clear that it’s not abandoning brick-and-mortar stores.
“Sam Ash Music remains committed to keeping a strong physical store footprint in the future while we continue growing our successful online sales offerings.
As part of this restructuring, the company is closing several stores nationwide.
This restructuring is emotionally tough, but we are confident these moves will make Sam Ash Music stronger as we continue serving the music community into the future, as we have for the past 100 years,” the chain shared.
Liquidation sales have begun at the impacted stores but the company has not shared specific closure dates.
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Also Read: A New Wave of Unexpected Layoffs Now Hits Georgia
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