Wednesday, January 24, 2024

I DON'T KNOW HOW I MISSED THIS ONE

by Bob Walsh

 


Last year Japanese brewery giant Sapporo shut down Anchor Steam Beer, which has been a S.F. fixture for 137 years.  It was Oscar Wilde's favorite beer when he was touring the U.S. before he made some really bad choices and became an outcast.

The brand and assets are being sold and it is hoped by local fans that it will be bought up by an independent producer and not by another corporate behemoth.

Sapporo bought Anchor Steam back in 2017 for $85 million.  It is currently under an "assignment for the benefit of creditors", a legal situation which is not quite bankruptcy.  All 61 employees lost their jobs when it closed down six months ago.

There are several bids in for the brand, including one by the former employees and one by a group of S.F. investors, both of who want to keep the operation independent.  At least some of the bidders and interested only in the brand name and intellectual property.  It is estimated the real estate is worth about $40 million.  

The brewing of steam beer is different from other sorts of brewing.  It takes up a lot of space.  The locals intend to cut back on production and distribution to about 20,000 barrels per year and distribute only regionally.  At it's height under Sapporo they shipped 150,000 barrels a year all over the U.S.   Shipping beer is expensive.

I was never a big beer drinker but I did like Anchor Steam Beer.

A decision will be made as to the disposition of assets by the end of this month.  I will try to keep you posted.      

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