AUSTIN, Texas — North Austin brewery 4th Tap Brewing Co-Op has filed for Chapter 7 bankruptcy, according to court documents obtained by KVUE on Tuesday. The bankruptcy documents were filed on July 20.
Under Texas law, in Chapter 7 bankruptcy, a business may attempt to wipe out its debts by liquidating assets that are not exempt.
According to a report from the Austin Business Journal (ABJ), 4th Tap co-owner John Stecker estimated the company has around $500,000 in total assets, with much of its debt being internal. Meanwhile, the document notes less than $50,000 in estimated assets against $1 million to $10 million in liabilities.
Stecker also told the ABJ that the Metric Boulevard brewery will be closed and it is unclear if it will reopen to sell off its inventory.
Social media posts made this week on Facebook indicated the brewery would still be open on Tuesday. However, the brewery posted on its Instagram story after noon that it would not be opening its doors.
According to its website, 4th Tap opened to the public in 2015 on under the lead of a group of friends from Austin, Houston, San Antonio and Corpus Christi with a goal of bringing together the North Austin community "to share in 4th Tap’s love of beer, food, music and art. Also sometimes wrestling."
The brewery, which hosts food trucks and other weekly events, is also home to the popular Party World Rasslin' wrestling party.
In a statement, 4th Tap called the news "absolutely heartbreaking."
"We hope to open the doors soon, but we do not have a time frame," Stecker told KVUE.
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