Iron Hill Brewery has filed for bankruptcy in New Jersey.
The company founded in Newark opted for a Chapter 7 filing which leads to the liquidation of assets. Signs on the doors of the locations had expressed the hope that a reopening could take place at some point.
Reporting from Philadelphia Magazine and other outlets indicated that the company's debt was $20 million, with a checking account amounting to only $125,000.
Those numbers would seem to indicate that individuals holding iron Hill gift cards are unlikely to see refunds.
Restaurant companies typically file for Chapter 11, which protects assets while a reorganization plan is worked out. If a plan doesn't work out, the business moves to liquidation.
Iron Hill, which had been in operation for 29 years, abruptly closed all restaurant-brewpubs late last month after earlier shuttering three outposts that included its original restaurant-brewpub on Newark's Main Street.
Iron Hill is believed to be owned by private equity interests. Iron Hill earlier moved its headquarters to Exton, PA from Wilmington.
The company, at one point, had 20 locations in the Mid-Atlantic and in South Carolina. The company had a trio of restaurant-breweries in Delaware.
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Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
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Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.