Canada, PE: Upstreet Craft Brewing closes its doors after failing to restructure debt

Upstreet Craft Brewing has closed its doors for the last time, SaltWire reported on June 18.

The Charlottetown brewery and its downtown branch, Craft Beer Corner, shut down on June 17 after the company attempted to seek protection from its creditors, a June 17 social media post said.

“After 10 unforgettable years of brewing, building community and creating something we deeply believed in, we are shutting down operations.”

Upstreet tried to restructure its debt, and the company thought it had a solid plan, but creditors turned it down.

The decision to close comes after years of rising costs, extreme storm damage and industry challenges, said the post, signed by “Mitch, Hogie, Marsha, Joel and the Upstreet Team.”

The post addresses both the Upstreet staff and customers. It thanks the customers for their support and for participating in events like trivia nights.

And to the team it says: “There are no words strong enough. You brought life, laughter and magic into these walls every single day. You are Upstreet. Thank you for your loyalty, your talent and your belief in what we built. You made this place home.”

The Facebook post had 330 comments, more than 1,800 reactions and 258 shares on the morning of June 18.

The company announced it was seeking creditor protection earlier this month but had been planning to continue operations.