Joyride Brewing operates at the corner of Sheridan Boulevard and 25th Avenue in Edgewater. (Courtesy Joyride Brewing via The Denver Post)
An Edgewater brewery is blaming a former manager for landing it in bankruptcy, but said the business will keep operating and the taps won’t run dry.
Joyride Brewing, which operates near Sloan’s Lake at 2501 Sheridan Blvd., filed for Chapter 11 protection on Friday. Chapter 11 allows a business to restructure and keep operating while paying creditors over time.
Co-owner and President David Bergen, who signed the filings, attributed the filing to a former employee in a statement.
“The filing has to do with improper and unauthorized spending as well as financial mismanagement from the former manager and has nothing to do with Joyride’s ability to run a successful and profitable business,” he said in the statement.
Bergen did not name the former employee. He and his representatives did not address a list of emailed questions, including whether the company had referred the matter to law enforcement. The company does not appear to have filed any lawsuits in state or federal court. The bankruptcy filings do not appear to communicate the scale of the alleged mismanagement.
In the bankruptcy filing, Joyride said it has 17 creditors, eight of whom are collectively owed $875,000. The largest creditor listed was the Small Business Administration, owed $500,000 for a loan. Citibank and U.S. Bank were also listed as creditors.
Amounts owed to the other nine creditors, which includes co-owners David Bergen, Grant Babb and Brent Smith, were not listed, although the company said it owes more than $1 million in total.
Joyride said it has assets between $500,001 and $1 million.
Bergen said that the brewery, which opened in 2014, has 23 employees and will keep everyone employed through the proceedings. He said Joyride produced 1,200 barrels last year and is on track to do the same this year. According to its website, the Edgewater space has a 10-barrel brewhouse and a 4,000-square-foot taproom and rooftop patio.
Jeffery A. Weinman with Allen Vellone Wolf Helfrich and Factor P.C. is representing the brewery in bankruptcy proceedings.
Joyride Brewing operates at the corner of Sheridan Boulevard and 25th Avenue in Edgewater. (Courtesy Joyride Brewing via The Denver Post)
An Edgewater brewery is blaming a former manager for landing it in bankruptcy, but said the business will keep operating and the taps won’t run dry.
Joyride Brewing, which operates near Sloan’s Lake at 2501 Sheridan Blvd., filed for Chapter 11 protection on Friday. Chapter 11 allows a business to restructure and keep operating while paying creditors over time.
Co-owner and President David Bergen, who signed the filings, attributed the filing to a former employee in a statement.
“The filing has to do with improper and unauthorized spending as well as financial mismanagement from the former manager and has nothing to do with Joyride’s ability to run a successful and profitable business,” he said in the statement.
Bergen did not name the former employee. He and his representatives did not address a list of emailed questions, including whether the company had referred the matter to law enforcement. The company does not appear to have filed any lawsuits in state or federal court. The bankruptcy filings do not appear to communicate the scale of the alleged mismanagement.
In the bankruptcy filing, Joyride said it has 17 creditors, eight of whom are collectively owed $875,000. The largest creditor listed was the Small Business Administration, owed $500,000 for a loan. Citibank and U.S. Bank were also listed as creditors.
Amounts owed to the other nine creditors, which includes co-owners David Bergen, Grant Babb and Brent Smith, were not listed, although the company said it owes more than $1 million in total.
Joyride said it has assets between $500,001 and $1 million.
Bergen said that the brewery, which opened in 2014, has 23 employees and will keep everyone employed through the proceedings. He said Joyride produced 1,200 barrels last year and is on track to do the same this year. According to its website, the Edgewater space has a 10-barrel brewhouse and a 4,000-square-foot taproom and rooftop patio.
Jeffery A. Weinman with Allen Vellone Wolf Helfrich and Factor P.C. is representing the brewery in bankruptcy proceedings.
