{"id":95634,"date":"2020-10-23T01:11:22","date_gmt":"2020-10-22T22:11:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/brooklyn-roasting-company-files-for-bankruptcy-will-close-its-shops\/"},"modified":"2020-10-23T01:11:22","modified_gmt":"2020-10-22T22:11:22","slug":"brooklyn-roasting-company-files-for-bankruptcy-will-close-its-shops","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/brooklyn-roasting-company-files-for-bankruptcy-will-close-its-shops\/","title":{"rendered":"#Brooklyn Roasting Company files for bankruptcy, will close its shops"},"content":{"rendered":"

“#Brooklyn Roasting Company files for bankruptcy, will close its shops<\/strong>”
\n<\/p>\n

\n The pandemic has just sunk another beloved Big App<\/a>le hot spot.<\/p>\n

Brooklyn Roasting Company, known for its colorful logo and flavorful coffee, filed for bankruptcy protection on Thursday and said it\u2019s planning to permanently close its remaining retail locations at 50 W. 23rd St. and at 25 Jay St. in Dumbo Brooklyn, according to its Brooklyn bankruptcy court documents.<\/p>\n

The company is hoping to save its wholesale business, however, which sells to New York institutions like Columbia University and Goldman Sachs as well as the airports.<\/p>\n

Founded in 2009 by Jim Munson, a former partner in The Brooklyn Brewery, BRC became a beloved New York brand with as many as seven locations across the city at its peak.<\/p>\n

But its problems began before the pandemic as the company over-expanded in an effort to be acquired, according to the filing.<\/p>\n

The coffee roaster had been in discussions in 2018 to be acquired for $22 million by an investment group including the former chief executive of Dunkin\u2019 Donuts, the filing states. At the behest of its investors, BRC invested in new real estate and staff, but the acquisition never happened.<\/p>\n

By the beginning of 2019, \u201cBRC\u2019s financial condition was poor,\u201d and revenues declined for the first time in 2018 to $9.7 million, according to the filing.<\/p>\n

Just as the company was getting its footing back \u2014 with revenues climbing to $10.3 million in 2019 \u2014 the pandemic wiped out more than half of the company\u2019s retail sales. It\u2019s wholesale business was also decimated.<\/p>\n

It reported an \u201cextraordinary COVID expense\u201d year to date without providing details about the debt.<\/p>\n

BRC received a $727,000 in federal stimulus loans, but the money ran out in August even as its sales remained \u201cseverely depressed,\u201d according to the filing. Munson controls 13 percent of the company, the filing said.<\/p>\n

\u201cThis was a one two punch,\u201d said distressed asset expert Adam Stein-Sapir. \u201cThey had a failed acquisition and all the additional costs they signed up for in anticipation of that and then Covid.\u201d\n <\/p><\/div>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Brooklyn Roasting Company files for bankruptcy, will close its shops” The pandemic has just sunk another beloved Big Apple hot spot. Brooklyn Roasting Company, known for its colorful logo and flavorful coffee, filed for bankruptcy protection on Thursday and said it\u2019s planning to permanently close its remaining retail locations at 50 W. 23rd St. and…<\/p>\n","protected":false},"author":1,"featured_media":95635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/Brooklyn-Roasting-Company.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[76693,4950,72360,76836,1545,70344],"class_list":["post-95634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-22-20","tag-brooklyn","tag-coffee","tag-coffee-shops","tag-coronavirus","tag-coronavirus-in-ny"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=95634"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/95635"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=95634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=95634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=95634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}