Anchor Brewing owner would 'gladly consider' takeover offer from employees
SAN FRANCISCO -- San Francisco's landmark Anchor Brewing Co., which has announced plans to cease operations after more than 126 years, says it's willing to consider a takeover by employees.
The company that describes itself as the nation's first craft brewery said Wednesday that it has stopped brewing and will file for bankruptcy because of declining sales.
But that could change if employees come through with an offer to purchase the company, spokesman Sam Singer said Saturday.
"We have received an e-mail from Anchor's union spokesperson stating that the 'workers of Anchor Brewing have met, discussed and decided to launch an effort to purchase the brewery,'" Singer said in a statement. "This inquiry was on behalf of an unidentified group of Anchor employees, not the union itself."
READ MORE: San Franciscans mourn loss of Anchor Brewing Co.
"Given our deep respect for the Anchor union and our team members, should our employees put forward a bona-fide, legally binding offer to buy the company, one that includes a verifiable source of funds, we would gladly consider it," Singer said.
In its announcement Wednesday, the company said its only option was to cease operations because of the impacts of the pandemic, inflation and a highly competitive market.
While the company is interested in an employee takeover, "time is running short," Singer said Saturday. He said Anchor is moving forward with plans to file for bankruptcy through Chapter 7 liquidation or Chapter 11 reorganization.
Anchor, which was established in 1896, said it has given its employees 60-day notices of its closing and would provide transition support and separation packages.
While the company has stopped brewing, Anchor said it will continue packaging and distributing the beer on hand while available or through around the end of July.
RESCUED BEFORE
Anchor Brewing has teetered near insolvency before and, in the 1960s, it was acquired by Fritz Maytag. Maytag implemented new brewing practices such as dry-hopping and began bottling the beer in 1971, according to the brewer.
By the mid-1970s, Anchor Brewing had assembled a solid portfolio of respected brews -- including Anchor Porter, Liberty Ale, Old Foghorn Barleywine Ale and its first annual Christmas Ale, which became a holiday tradition in locales far from San Francisco.
Anchor Brewing was sold to the Japanese brewer Sapporo in 2017.
The Associated Press contributed to this report
