Penn Brewery is not closing despite filing for Chapter 11 bankruptcy protection, owners said in a social media post early Thursday morning.
The popular brewery and restaurant in Pittsburgh’s Troy Hill neighborhood said it is using the filing “as a strategic tool to restructure and secure a stronger future.”
In its post, the brewery said it has faced “real challenges in a changing economy.
“This decision allows us to reset, reorganize, and move forward in a way that protects what matters most: our employees, our customers and the legacy of Penn Brewery,” the post read. “Our gates to the biergarten here on Vinial remain open, and operations continue as normal.”
Penn Brewery’s filing in the U.S. Bankruptcy Court Western District of Pennsylvania estimated liabilities between $1 million and $10 million. It lists its largest creditor as First Commonwealth Bank, with an unsecured claim of about $5.1 million.
The craft brewery has been a Pittsburgh staple for 40 years. It has partnered with other local icons for specials like a series of beers based on popular rides at Kennywood and chocolate stouts in collaboration with Sarris Candies.
Penn Brewery said it considers itself among “the earliest pioneers in the American craft movement,” having started brewing craft beer in 1986.
Owners said they remain excited about upcoming events, like a Halfway to Oktoberfest celebration scheduled for May 16, and its recent expansion to seven-day service.
“As Pittsburgh’s oldest craft brewery, we’ve proudly made it 40 years,” Penn Brewery posted. “We’re grateful for you continued support. Now more than ever, your support of small businesses matters.”