Anchor Brewing closes after 127 years
Employees were informed of the closure on Tuesday, and were given 60 days with “transition support and separation packages.” Per Singer, Anchor is in the process of negotiating an arrangement with an Assignee to retain as part of a California Assignment for the Benefit of Creditors (“CA ABC”), an alternative to filing for Court-monitored federal Chapter 7 or 11. . Under this process, Anchor will retain an Assignee to whom all its assets will be irrevocably assigned and then liquidated, the proceeds of which, the Assignee will use to pay off Anchor’s creditors. Once selected and retained, the CA ABC Assignee will be wholly responsible for liquidating the company’s assets and paying creditors Singer also mentioned Anchor, and presumably Sapporo, had been looking for a buyer the brewery and brands over the course of the last year, with no success