Posted on 07/29/2024 4:19:24 PM PDT by CFW
California-based Vintage Wine Estate, one of the largest winemakers in the United States, has filed for bankruptcy as a surge in demand during the COVID-19 pandemic turned into a slump in subsequent years.
“Over the preceding months, the Company experienced negative financial headwinds that severely impacted its liquidity position,” according to a press release by Vintage, which filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court in the District of Delaware on Wednesday. “In response, the Company explored several solutions to overcome these challenges,” the company said on July 24. Selling off all assets was seen as “the most viable path.”
[snip]
“As the wine industry experienced challenges and the Company struggled to maintain profitability as it grew, the price of [Vintage’s] Common Shares dropped rapidly.”
Vintage shares have declined from a peak of more than $12 in 2021 to trade at less than $0.70 as of July 26. The company claims it has over $342 million in outstanding debts.
(Excerpt) Read more at theepochtimes.com ...
Vintage Wine Files for Bankruptcy
I've said several times that the upcoming recession is going to hit the middle class managerial level of employees a lot harder than the lower wage workers. I believe the bankruptcy of a large wine-maker confirms that prediction.
What will the Biden/Harris administration puppeteers do in order to distract from the economy?
Related article:
“US National Debt Hits $35 Trillion Milestone”
https://www.theepochtimes.com/us/us-national-debt-hits-35-trillion-milestone-5695697
When the economy crashes, people will reach for a drink. But now, that might be a problem ...
Thought it was Vendage. Cheap stuff but ok.
Nope. There is always Night Train.
I feel sorry for them. They can’t survive in California, but unlike most companies you can’t just relocate because grapes only grow where grapes grow.
“The company claims it has over $342 million in outstanding debts.”
Whose fault is that? Must be run by democrats,
“What will the Biden/Harris administration puppeteers do in order to distract from the economy?”
Ww3 here we come.
“The company claims it has over $342 million in outstanding debts.”
Whose fault is that? Must be run by democrats,
Xxxxxxxxxxxxx
Cali wine country?
How much of that $342 mm went to campaign contributions to san fran nan & newscum?
As a business, wine growing is like manufacturing in that it requires long term investment and operating outlays before profits arrive when the wine is sold years later. There is always a risk of having borrowing, operating costs, and interest expenses eating up equity before the wine gets sold.
I thought covid drove UP alcohol sales...?
This company wasn’t a traditional wine company. It was built on collecting bankrupt and loan defaulting companies the Depression of 2008. The owners unloaded in on stockholders in 2021 when they took it public and surprise - it couldn’t be run at the investment price they sold it for.
And they banked on that continuing.
It didn't.
Pelosi smells a bargain. Plus all those new cheap grape pickers from Guatemala.... ChaChing.....
“I feel sorry for them. They can’t survive in California, but unlike most companies you can’t just relocate because grapes only grow where grapes grow.”
Yeah, that’s one business you can’t just pull up and move when Democrat rule becomes too much.
The Democrats take a small bite here and a small bite there out of small businesses. A new regulation regarding storage, another one regarding handicap access, and one more regarding the number of vines on an acre. The cost is only a few dollars a year, right? Year after year, those costs add up and soon, only the Pelosi’s will be able to afford to have a wine vineyard in California.
More of a MD 20/20 man myself...Night Train is a good choice, however. ;)
Wines of all Kinds (and Spirits, too):
https://www.vintagewineestates.com/our-brands
ACE CIDER
ALLOY WINE WORKS
BAR DOG
B.R. COHN
BURIED CANE WINES
CAMERON HUGHES
CARTLIDGE & BROWNE
CHERRY PIE
CLAYHOUSE WINES
CLOS PEGASE
COSENTINO WINERY
DELECTUS WINERY
FIRESTEED CELLARS
GAZE
GIRARD WINERY
GIRL & DRAGON
IF YOU SEE KAY
KUNDE
LAETITIA
LAYER CAKE
MIDDLE SISTER WINES
NO. 209 GIN
OWEN ROE
PURPLE COWBOY
QUPE
SABOTAGE
SONOMA COAST VINEYARDS
SWANSON VINEYARDS
TAMARACK CELLARS
THE SPLINTER GROUP
VIANSA
VINESSE
WINDSOR VINEYARDS
WINE SISTERHOOD
What stinkers!
What did they do with all the money they made during the covid scam?
I recently started drinking wine. Bogle Merlot. Maybe a bottle a month. My Italian grandfather made red wine, so that’s what I buy.
I had no idea what to buy. I saw the label that said Bogle Family Vineyards Merlot. I thought, oh good, a family. Might be good. It is, and it gets good reviews.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.