Modern Times made the announcement Tuesday on its website. Briggs said her new management team is expected to remain, which is uncommon in a receivership sale process. Unfortunately, that gets covered up by this news.”In February, Briggs closed brewpubs in Portland, Oakland, Santa Barbara and Los Angeles that were part of Modern Times’ expansion drive over the past four years. The shutdowns resulted in the loss of about 70 jobs, leaving Modern Times with about 169 workers at its remaining production facility and brewpub in Point Loma, as well as its locations in North Park, Encinitas and Anaheim. “A going concern sale would raise the odds of the new buyer keeping our talented staff, amazing products, and renowned customer experience intact.”Landing in receivership, however, suggests that Modern Times’ own efforts to find a buyer fell short.

Source: Forbes April 07, 2022 06:31 UTC