SAN FRANCISCO (CBS SF) – Speakeasy Ales & Lagers, one of San Francisco’s largest breweries, has halted all operations because of financial difficulties, the company announced Friday.
The brewing company cited difficulty securing investment and outstanding debt as the reason for the decision. At about 1 p.m. Friday the company announced it had ceased brewing, packaging and taproom operations in San Francisco effective immediately.READ MORE: UPDATE: Oakland City Council Votes To Hire, Train More Police After Spike in Homicides
The brewery and taproom was located at 1195 Evans Ave. in the city’s Bayview District. Whatever future the brewery will have will depend on its primary creditor, according to the company.
“The brewery has worked with multiple investment banking groups and have had numerous meetings,” Speakeasy founder and CEO Forest Gray said in a statement.READ MORE: Giants Beat Padres 6-5, Maintain Narrow Lead In NL West
“One fact has become central to the process, and that is the company is financially insolvent and requires new capital to move forward. Whether that will happen is unclear, but I do hope the brewery and brand will persist,” Gray said.
The remaining inventory has already been shipped, so once the stock in stores sells out, it’s unclear if it will be available again. The company’s beers include Big Daddy IPA, Prohibition Ale and Metropolis Lager.MORE NEWS: UPDATE: Fire Destroys House, Horse Boarding Facility In Penngrove; Evacuated Orders LIfted
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