The layoffs will affect nearly 400 employees across four California counties, impacting several wineries and facilities under Vintage Wine Estates. Pending bankruptcy approval, the layoffs are scheduled for late September or early October, with uncertain job prospects for the employees.
Vintage Wine Estates cited a decline in wine sales due to lowered demand post-pandemic, leaving California vineyards with excess grapes. The company listed $475 million in assets and $400 million in debt in its bankruptcy filing, hinting at financial struggles.
Vintage Wine Estates plans to sell its assets after past layoffs. The company, established in 2000, oversees over 30 brands and multiple wineries across California, Oregon, and Washington. However, its expansive portfolio led to challenges in integration, affecting its operations.
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