America's oldest craft brewer Anchor Brewing Company is shutting down after 127 years in business.
The San Francisco, California-based company announced Wednesday that it is ceasing operations and liquidating its business due to "a combination of challenging economic factors and declining sales since 2016."
According to the company, "impacts of the pandemic, inflation, especially in San Francisco, and a highly competitive market left the company with no option but to make this sad decision to cease operations."
"This was an extremely difficult decision that Anchor reached only after many months of careful evaluation," said Anchor Brewing spokesperson Sam Singer.
Anchor Brewing Company is a brewery on Potrero Hill in San Francisco, California, founded in 1896. In 1965, Frederick Louis Maytag III saved it from bankruptcy by buying 51% of the brewery, "despite the primitive equipment and financial condition." It moved to its current location in 1979. It is one of the last remaining breweries to produce Steam beer, a trademark owned by the company.
In 2010, the company was purchased by The Griffin Group, an investment and consulting company focused on alcohol brands, and became part of Anchor Brewers & Distillers, LLC. Later, in 2017, it was acquired by Japanese giant Sapporo Breweries for $85 million.
Workers at Anchor, which employs 61 people, were given a legally mandated 60-day notice Wednesday and will receive "transition support and separation packages."
Brewing has stopped immediately and beer on hand will still be sold through the end of July.
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