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Flying Fish Brewing Co edges closer to liquidation
New Jersey brewery Flying Fish’s remaining assets have been auctioned off with the business rumoured to being nudged towards liquidation.
The beer company highlighted via social media that even though it is possible that a buyer could still step up to save the brand, but admitted that, now, its future was “very uncertain”.
At the end of last year, Flying Fish filed for bankruptcy after its planned sale to Cape May Brewing Co collapsed.
The business, which is based in Pennsylvania, listed US$1.3 million in assets in its filing including brewing equipment worth an estimated US$500,000. Additionally, it also declared US$9.3 million in liabilities to multiple creditors.
According to local reports, in some cases a Chapter 11 filing can see loan maturities get extended and vendors make deals to keep their partners open, but in other cases those negotiations fail, and a Chapter 11 bankruptcy turns into a Chapter 7 liquidation.
Flying Fish was acquired by investment firm Elk Lake Capital in 2016 and, having previously generated a gross annual revenue of around US$4 million for the past few years. However, in 2023, Flying Fish saw this dip to US$3.1 million. Its financial woes followed a US$6 million expansion in 2012, which included the construction of a new tasting room.
While it still operated its tasting room over Super Bowl weekend, the team at Flying Fish admitted to its followers that the situation is looking bleak and explained: “Best case scenario for us is that someone buys us with the intent to keep the Flying Fish brand alive and we, the staff at the brewery, can all retain our employment. Unfortunately, it isn’t up to us at the brewery to decide what happens.”
Reports pointed out that a new owner could continue to operate the brand, but it could also be possible that another brewery might acquire its equipment too. Additionally, it outlined that there is no guarantee that all of the assets will be sold to one buyer and instead noted that it is “very possible that it will be sold for parts and that the long-standing brand has brewed its beers for the final time”.
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