EXPORT, Pa. — A brewery with a big presence in Pittsburgh has filed for bankruptcy.
Rivertowne Brewing is looking for Chapter 11 bankruptcy protection.
The owner told Channel 11 his restaurant on the North Shore, as well as brew pubs in Verona, North Huntington and Monroeville, will remain open while the business works to restructure its debt.
Rivertowne's largest creditors are the Pirates and Penguins organizations, according to our news exchange partners TribLIVE. Over a quarter-million dollars is owed to the Pirates and there is a $125,000 debt to the Penguins and PPG Paints Arena.
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But that's not the only reason the owner cites for the filing. Increased competition among craft brewers is another.
"We've been hard at work and evolving our core line up and branding and it has been a success. In order to keep up with orders, we need to free up some cash," the owner and CEO of Rivertowne Christian Fyke, said about his decision to file Chapter 11 bankruptcy.
It was one of the first local breweries to produce craft beer.
Fyke said he is still worried, but the filing buys him months to turn his business around.
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