Due to the bad economic climate under President Joe Biden, the oldest craft brewer in the country is being forced to close its doors.
According to The New York Times, the 1896-founded Anchor Brewing Company said in a statement this week that the current administration’s record-high inflation was a factor in its decision to “make this sad decision to cease operations.”
The business, which has seen a fall in sales for more than ten years, also cited a fiercely competitive market, the pandemic, and its San Francisco location.
The majority of the company’s sales came from restaurants and bars, which were largely shut down across the nation due to the pandemic, according to Sam Singer, a representative for the business.
“The bottom line is that Anchor ran out of money, and it ran out of time,” he said.
The company gave employees two months notice that it was shutting down and said it would dole out severance packages.
The company was started by German pioneer Gottlieb Brekle, who settled in San Franciso during the Gold Rush, Axios reported. The company struggled for a while after the massive earthquake that hit San Francisco in 1906.
“San Francisco’s flag is a phoenix rising from the ashes, and Anchor has had many phoenix moments in its history,” Singer added. “But that’s out of our hands now. We can only hope for the best.”