Vintage Wine Estates purchased BR Cohn Winery in Glen Ellen in 2015.
Vintage Wine Estates announced today its filing for Chapter 11 bankruptcy—the parent company of such brands as BR Cohn, Girard and Kunde—plans to restructure to address its debt obligations and begin selling off its assets.
Vintage Wine Estates outstanding debt is around $310 million, according to the announcement.
Trouble has been fermenting at the Santa Rosa-based company for a while; in May VWE reported year-to-date sales were down about 15%. At the time, management identified such brands as Viansa and Clos Pegase as potential options for divestment, while hinting that bankruptcy protection could be in the cards. VWE last week closed its sale of Cosentino Winery in Yountville to Gene Wines for $10.5 million.
It’s been a rapid fall for the wine corporation. Just three years ago VWE shares were hovering on the Nasdaq for between $10 and $12; their value dropped below $1 earlier last year and is slated for a “voluntary delisting” from that exchange later this summer.
