USA, NJ: Flying Fish Brewing files for bankruptcy
Flying Fish Brewing Co., one of the oldest breweries in South Jersey, has filed for bankruptcy, the Press of Atlantic City reported on December 30.
The Somerdale, Camden County, company's filing comes on the heels of it failing to sell its assets earlier this year to Cape May Brewing Company.
Flying Fish listed liabilities of roughly $8 million in a Chapter 11 filing Thursday. It reported assets of about $1.3 million, which included its brewing equipment worth about $500,000.
In the filing, Flying Fish cited a decline in gross revenue, falling from about $4 million in each of the previous two years to $3.1 million for this year through Wednesday. It will continue operations as a debtor in possession.
Flying Fish opened in 1996 in Cherry Hill and moved to nearby Somerdale in 2012. It distributes beer to New Jersey, Pennsylvania, Delaware and Maryland.
In the spring, Cape May Brewing announced it would acquire Flying Fish's production facility and other assets, including the Flying Fish name. That deal fell through in June.
“After extensive analysis during the diligence phase, Cape May Brewing Company determined it will not complete the planned acquisition of Flying Fish,” brewery President Frank Stempin told The Press of Atlantic City in October.
Added Flying Fish President Frank Rio at the time, “That’s a question for them about why they didn’t move forward with closing. On my end, there’s nothing to say.”
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