Toronto brewery that helped rejuvenate a neighbourhood owes millions and is up for sale
A brewery that helped rejuvenate a Toronto neighbourhood has filed for bankruptcy and is now up for sale.
Junction Craft Brewing brought life to an obscure area of the city, taking up residence in the Stockyards area near slaughterhouses and industrial plants in a towering space inside an old incinerator used for raves in the 90s.
It became a central part of the "Aleyards," something of a district of its own including Shacklands Brewing and Rainhard Brewing. The taproom location has been open since 2018, the company founded in 2011.
The brewery filed their NOI on Oct. 15, listing around $3.8 million in liabilities.
An NOI is a formal restructuring process that allows the brewery to operate as normal while a trustee restructures its finances.
Stuart Wheldon of Junction Craft tells blogTO that products are still being produced, no one is being laid off and they are continuing to hire new employees.
The NOI does mean that there will be a bidding process that may result in the company having new shareholders, which should be wrapped up in another couple of weeks.
"We have zero visibility into that process other than what they post online and preparing documentation for them to pass on to prospective bidders," Wheldon tells blogTO.
"We would like to think we helped build a craft beer scene in West Toronto and we are super proud of what we have done and will do. The founders saw an opportunity and created a brand that has been a go-to for many over the last 10 years. We're excited to be a part of this community and look forward to being a part of it in the years to come. "
Join the conversation Load comments