Another brewery now declares an unexpected bankruptcy and goes through the liquidation process after calling its future “very uncertain”.
Flying Fish was a success story at first unlike most who open a brewery and fail quickly.
“By allowing drinkers to engage with him directly, he soon garnered attention and accolades that led to the funding that made Gene’s dream a reality, and the first production brewery was built in Cherry Hill, NJ,” the brewery shares on its website.
That original brewery grew into a larger facility, a tasting room, and regional distribution throughout New Jersey, Pennsylvania, Delaware, and Maryland.
The company even has had a national deal with Total Wine to bring its beer outside that area, and Flying Fish has a popular tasting room.
However, the company struggled to pay its bills as the country emerged from the pandemic.
It had also failed a merger with Cape May Brewing and filed for Chapter 11 bankruptcy protection in May 2023.
At the time, the company, which had been acquired by Elk Lake Capital, hoped to be able to rework its obligations and continue operating.Â
And while it operated its Tasting Room over Super Bowl weekend, Flying Fish’s remaining assets will be auctioned off on Feb. 13.
It’s possible that a buyer steps up that intends to operate the brand as it is, but the company took to its Facebook page to share what happens next calling its future “very uncertain.”
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Also Read: Three Massive Restaurant Chains Now Begin Closing Locations
Other Economy News Today
A Tesla competitor now declares an unexpected bankruptcy and begins the process of liquidation, sources report.
Arrival, which has a decade of history, has entered administration, the British version of a bankruptcy filing, reports TheStreet.
“In theory, the move only impacts the company’s assets in the United Kingdom, but that’s functionally the entire company.”
Instead of making just passenger cars, Arrival sought to build a large van, a bus, and a car that was being positioned for use by ride-hailing companies like Uber and Lyft.
The company’s XL Van, which looked like a more-cheaply-made version of the Mercedes Benz Sprinter, appeared to be its signature product, reports TheStreet.
However, the company had bold goals, according to its website.
“At Arrival, we are reinventing both the design and production of electric vehicles for end-to-end sustainability.
Only true innovation of both products and processes can deliver the radical impact we need to combat the worst effects of the climate crisis,” it shared.
That was a big goal for a company that never sold an actual vehicle.
And unfortunately for the company, which listed its stock on the Nasdaq, had recently been informed that it was being delisted.
“Simon Edel, Alan Hudson and Sam Woodward of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed as joint administrators (the ‘Administrators’) of Arrival UK Ltd and Arrival Automotive UK Limited (the ‘Companies’), both subsidiaries of Arrival,” the company shared in a press release.
It appears that the company’s 170 workers in the UK will lose their jobs.
“The Administrators are now exploring options for the sale of the business and assets of the Companies, including the electric vehicle platform, software, intellectual property and R&D assets, for the benefit of creditors,” the company continued.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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