Success in the craft beer industry often comes with accolades from some of the top authorities in the business.
Boston Beer Co.'s (SAM) Samuel Adams Boston Lager debuted on April 15, Patriot's Day, in 1985 and six weeks later on June 1, it was voted Best Beer in America at the Great America Beer Festival and won many more awards over the years. The Boston-based craft brewery proudly advertised its accomplishments and over the past 40 years, the brand has grown to one of the top craft beer producers in the U.S.
Related: Another popular beer, brewery brand files Chapter 11 bankruptcy
Samuel Adams in 2023 was ranked as the No. 2 U.S. craft beer producer behind the top brewery Pottsville, Pa.-based D.G. Yuengling and Son Inc. and ahead of Chico, Calif.-based Sierra Nevada Brewing Co., according to the Brewers Association. Yuengling and Sierra Nevada have won industry awards, as well.
Some award-winning craft brewers haven't been as successful as the giant breweries. Iconic San Francisco craft brewery Anchor Brewing, which has also won Great American Beer Festival awards over the years, filed for Chapter 11 bankruptcy in July 2023 and shut down its operations. The brewery, however, has a savior as Chobani yogurt founder and billionaire Hamdi Ulkaya in May purchased Anchor with plans to reopen the company.
Anchor wasn't alone in closing its craft brewery in 2023 as 418 brewers closed their doors in the U.S., according to the Brewers Association. Many of those also filed either Chapter 11 or Chapter 7 bankruptcy.
Related: Essential retailer closes more stores in Chapter 11 bankruptcy
The craft beer industry is continuing to suffer financial difficulties, as an award winning retail brand is struggling stay afloat.
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Award-winning 99 Bottles files for bankruptcy
Sarasota, Fla., craft beer and wine retailer 99 Bottles Taproom & Bottle Shop was established in April 2019 and quickly made a name for itself, as wine lifestyle publication Wine Enthusiast in December 2022 named the Florida beer and wine shop as one of the best beer shops in the U.S. The wine magazine placed 99 Bottles at the top of a list for the South Region, SRQ Daily reported. The magazine listed 40 shops nationwide in its rankings.
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The acknowledgment from Wine Enthusiast wasn't enough of a significant boost for 99 Bottles as the taproom and bottle shop needed to file for Chapter 11 bankruptcy in July to reorganize its business, according to its petition. The debtor didn't specifically state a reason for filing.
The Sarasota, Fla., taproom and bottle shop listed up to $50,000 in assets and $1 million to $10 million in liabilities in its July 17 petition filed in the U.S. Bankruptcy Court for the Middle District of Florida. It had about $2.28 million in assets and $3.3 million in liabilities at the end of 2023, according to court papers.
The debtor reported $1.04 million in total income in 2023 with a loss of over $684,000.
The taproom and bottle shop currently lists 30 craft beers on tap and another four available from its Machine proprietary device that allows the taproom to pour 5 ounce glasses of beer from large format bottles. It also offers 22 cans and bottles of craft beer in its bottle shop, as well as 33 varieties of wine, champagne and sparkling wines, according to its website.
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