Another beloved brewery now files for an unexpected bankruptcy to reorganize and restructure the business, sources report.
Karben4 has filed for Chapter 11 bankruptcy protection and plans to keep operating with it reorganizes.
The bankruptcy court has approved the company’s initial requests and will allow it to keep paying its 22 employees, reports TheStreet.
“Ever since COVID hit in 2020 we have been pivoting every few months to adjust our focus on how to rebuild our business for the future.
As pandemic aid dried up and inflation ramped up, we have been running out of room to pivot.
We are making progress by adding contract packaging work but unfortunately, we need to use this Ch. 11 process to reorganize and restructure our business to build a strong and sustainable company going forward,” part-owner Zak Koga said in a media statement.
The company’s taproom remains open and it continues to produce beer for its distribution partners.
Karben4 lost just under $1 million in 2023 which the company blamed on a general downturn in the craft beer market.
The owners, according to a local media outlet, are in talk with an investor and remain hopeful that the company will survive and not have to be liquidated.
The company has also recently expanded its business model with “contract manufacturing, which the company explains on its website.
“Some beverage producers don’t have tank capacity or abilities to produce on a large scale, but would like to distribute their product on a large scale.
Karben4 is able to assist in all aspects from recipe development all the way through to canning.
During the pandemic Karben4 was able to assist breweries that were unable to sell beer in their taprooms continue to sell their product by assisting in canning and production,” the company shared.
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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin
Other Economy News Today
This massive grocery store is now shutting its doors soon at a historic location which has operated for over 60 years.
The Giant Food store on Langston Boulevard in Arlington, Virginia will permanently close on Thursday, February 29.
Giant Food has anchored the Lyon Village Shopping Center, at 3115 Langston Blvd. (formerly Lee Highway), for more than 60 years.
It is at the intersection of Langston Boulevard and Spout Run Parkway.
“In the normal course of evaluating our business and local trade areas, we determined that we can adequately serve this community through several other nearby Giant Food locations, as well as our online services, Giant Pickup and delivery,” Giant said in an emailed statement.
The nearest Giant Food store is on Washington Boulevard in Virginia Square, about a mile away.
Lyon Village Shopping Center’s other tenants include CVS Pharmacy, burger restaurant BGR, Starbucks, The Italian Store, and Big Wheel Bikes.
Giant said all employees at the Lyon Village store are being offered transfers to other Giant locations.
A spokesperson for the grocery store made the following statement:
“In our ongoing assessment of business dynamics and local trade areas, we’ve concluded that the needs of this community can be adequately met by several nearby Giant Food locations, as well as our online services, Giant Pickup, and delivery.
We want to express our sincere gratitude to the Arlington community for their support over the 60 years that Giant Food has been a part of this neighborhood, and we look forward to welcoming our shoppers at our other local Giant Food locations.
We appreciate the work our store associates have done to serve this community, and all associates from the store are being offered the opportunity to transfer to other Giant locations.
[Furthermore] We are committed to supporting our employees through this transition and ensuring that they have continued opportunities within our company.”
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Also Read: This Massive Restaurant Is Now Closing 41 Locations
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