USA, IL: Chicago’s Metropolitan Brewing files for bankruptcy
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Chicago’s Metropolitan Brewing has filed for bankruptcy protection and said in a filing that “The brewery will not be able to make it through the winter . . . without a comprehensive restructuring or sale,” according to a report in the Chicago Tribune.
Metropolitan is one of the oldest craft breweries in Chicago, the Tribune said. It started in 2008 in warehouse in the Ravenswood neighborhood. It moved in 2017 to a redevelopment in the Avondale neighborhood, according to the report.
The brewery “has been drowning in debt and struggling financially since making the move,” the Tribune wrote.
According to the report, the Chapter 11 filing says, “The bankruptcy is being filed because while (Metropolitan) can pay market rent for the brewery space going forward . . . there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking.”
In 2022, Metropolitan took in $2.16 million in gross revenue, the Tribune reported. The brewery anticipates similar revenue for 2023; the report said that according to the bankruptcy filing, that amount would be enough to run Metropolitan profitably.
