Bussiness
Bankruptcy filing details Company Brewing’s finances before it closed
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The owner of Company Brewing, 735 E. Center St., filed for bankruptcy protection days after the brewpub suddenly closed.
George Bregar filed for Chapter 7 bankruptcy on May 31, according to federal court records.
The filing provides more details about the financial picture of Company Brewing, which closed abruptly. That blindsided community members, including people who had future events booked at their venue.
While Bregar filed for personal bankruptcy, the filing provides information on Company Brewing LLC’s assets and debts.
Those business assets were listed as totaling $339,048.
That includes about $150,000 of brewing equipment; $90,000 of restaurant, bar and office equipment; $65,000 of kitchen equipment, supplies and inventory, and $22,000 in accounts receivable.
The business debts totaled $1,809,644.
They include two Small Business Administration loan debts of $489,900 (listed as a COVID-19 Economic Injury Disaster Loan) and $342,398.
Also listed are loan debts of $408,230 owed to the State Bank of Chilton and $218,203 owed to Chicago-based Byline Bank.
Another debt, of $283,904, is owed to Ralph Stayer III, of River Hills, according to the filing. That’s tied to an unsecured loan made by Stayer in October 2020.
In Chapter 7 bankruptcy, debtors’ nonexempt property is liquidated, with proceeds going to creditors.
About 30 creditors are listed in the filing, which includes the banks.
In an email, Bregar declined to comment about the details of the bankruptcy filing.
On Feb. 8, the Milwaukee Business Journal reported that Company Brewing was exploring possibilities that included seeking investors, business partners or a complete closure of the business.
“We’re not saying Company Brewing is for sale, but we’re also not saying it’s not for sale,” Bregar told the Business Journal.
Company Brewing announced its closure May 29 on its social media channels. Comments on its Facebook account, which has since been deleted, and on its Instagram page indicate that some employees and people who had future events booked were caught off-guard.
One bride-to-be was left scrambling to find a new venue just weeks away from her wedding where she planned to host 150 people.
Neighboring businesses like The Falcon Bowl, just blocks away from Company Brewing at 801 E. Clarke St. stepped in to help those who were looking for new event spaces.
Just weeks before, Company celebrated its ninth anniversary with a block party in Riverwest with a petting zoo, craft beer and vendors from the community.
The Company Brewing website remains active. Its online ordering page offered cans of beer at $1 or $2 each on Sunday, telling customers they could pick up orders at its location.
“If the webstore is live, we are open,” the page read Sunday. “I’ll post future hours as I know them. Tell your friends :)”
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