Figueroa Mountain Filing for Bankruptcy, But Plans to Grow

Dear Client:  Santa Barbara, California's Figueroa Mountain Brewing announced this week that the company has filed for Chapter 11 bankruptcy as a result of "double-digit" COVID-era losses and shifts to off-premise, reports Pacific Coast Business Times. With the filing, the brewer plans to restructure debts and bring on a new financial partner. The brewer hopes to "restructure its company to focus on sales of packaged beer." Early in the pandemic, packaged beers made up 80% of Figueroa Mountain's sales, per