A San Francisco brewery with roots relationship again to the California Gold Rush says it’s shutting down after 127 years in enterprise.
Anchor Brewing Co. introduced in a press launch Wednesday that it has no alternative however to shut up store, citing a “mixture of difficult financial components and declining gross sales since 2016.”
“This was an especially tough choice that Anchor reached solely after many months of cautious analysis,” mentioned Sam Singer, Anchor Brewing spokesperson.
“We acknowledge the significance and historic significance of Anchor to San Francisco and to the craft brewing business,” Singer continued. “[But] the impacts of the pandemic, inflation, particularly in San Francisco, and a extremely aggressive market left the corporate with no choice however to make this unhappy choice to stop operations.”
CENTURY-OLD BUSINESS LATEST CASUALTY OF SAN FRANCISCO RETAIL CLOSURES
The shuttering of the enduring brewery on Potrero Hill is one other blow to San Francisco because the California metropolis has seen an exodus of main companies since pandemic shutdowns and amid current crime spikes.
Anchor mentioned it has tried unsuccessfully for a yr to discover a purchaser and hopes one may nonetheless come ahead through the liquidation course of.
The corporate was based in 1896 and has lengthy marketed itself as America’s first craft brewery. It was bought by Japanese brewery Sapporo Holdings Ltd. in 2017 and has since undergone important modifications.
In 2019, Anchor workers voted to unionize, which the corporate mentioned on its web site made it the “pioneer of the craft beer union motion.”
SAN FRANCISCO LOSES ANOTHER LARGE DOWNTOWN BUSINESS AS CITY’S TROUBLES MOUNT
Then in 2021, Anchor Brewing underwent a serious rebrand, altering the look of its merchandise. In keeping with JustDrinks, gross sales continued to tumble regardless of the up to date look, falling 10% final yr.
Sapporo mentioned in a media launch of its personal Wednesday that it initially purchased Anchor to increase its presence within the U.S. market, and it additionally pointed to the “extended” affect of COVID-19 on the San Francisco space as a cause for Anchor’s continued decline.
“Over the previous a number of years, we carried out a wide range of measures to enhance the enterprise, similar to releasing new merchandise, product renewals, and making model investments,” Sapporo acknowledged. “Nonetheless, Anchor’s enterprise efficiency continued to be sluggish.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Sapporo mentioned it is going to now focus progress efforts within the U.S. on increasing its personal model and thru Stone Brewing Co., which it acquired in August 2022 for $165 million.