USA, IL: Metropolitan Brewing LLC files for bankruptcy
News General news
Metropolitan Brewing LLC filed for bankruptcy this month, citing, among other debts, $1 million in back rent owed to its landlord, The Business Journals reported on October 20.
According to an Oct. 3 bankruptcy filing in U.S. District Court in the Northern District of Illinois, the Chicago Brewery owes back rent to Rockwell Properties LLC for its 33,000-square-foot site at 3057 N. Rockwell St.
Founded in 2008, Metropolitan Brewing signed a 15-year lease for its current location in 2015.
The million-dollar figure for back rent is in dispute, however, according to the Chicago Tribune, and will need to be forgiven in full or in part in order for the company to restructure. If Metropolitan Brewing is unable to rework its debt, the business may have to sell or liquidate, said owners Doug and Tracy Hurst.
In addition to back rent, Metropolitan Brewing’s debts cited in the filing include $1 million to North Carolina-based Live Oak Banking Co. for an equipment loan and $386,000 to the Small Business Administration for an Economic Impact Disaster Loan.
The brewery currently has eight full-time and 14 part-time employees, and last year grossed $2.16 million, according to the report.
