A little more than a year after Periodic Brewing shuttered its doors in Leadville and Northglenn, the brewery has filed for Chapter 7 bankruptcy.
The company said in its Nov. 23 bankruptcy filing that it owes $1.4 million to a little more than 50 creditors and has assets worth $58,324.
Periodic opened in Leadville in 2015, and added a taproom and production facility in Northglenn in 2017. It closed them both in September 2020, announcing the news on social media but offering little insight into the reason why.
Chapter 7 bankruptcies are typically a liquidation process, in which a trustee is appointed to oversee a selloff of the debtor’s assets. The bankruptcy filing indicates that the brewery’s equipment has already been auctioned off by Lake and Adams counties, where Leadville and Northglenn are located.
“We owed a lot of money,” founder Chris Labbe told BusinessDen Tuesday. “There’s really no way around it. There’s only one path at this point to protect all the owners and make sure all the results of auctions are distributed correctly to those debtors.”