Popular Brewery announces bankruptcy 6 years after first opening
Terrestrial Brewing Co., a beloved Cleveland brewery known for its dog-friendly patio, brunch, and craft beers, has filed for bankruptcy protection, the company confirmed Wednesday.
Located in the Battery Park neighborhood, just steps from Edgewater Park, Terrestrial opened its doors in 2017. The brewery-brewpub boasts seating for 100 people indoors and 100 more on its spacious outdoor patio, where furry friends can frolic freely.
In its bankruptcy filing, Terrestrial listed assets of less than $50,000 and liabilities of between $1 million and $10 million. The brewery also reported claims from the U.S. Small Business Administration and Cleveland’s economic development department, totaling $150,000 and $6,500, respectively.
Despite this challenging financial situation, Terrestrial’s owners, Ryan Bennett and Ralph Sgro, remain optimistic about the brewery’s future. They believe that filing for bankruptcy will provide the necessary restructuring to allow Terrestrial to thrive in the long run.
The non-profit Ohio Craft Brewers Association (OCBA) acknowledged the challenges facing the craft beer industry, citing factors such as increased competition, evolving consumer preferences, and economic fluctuations. However, the OCBA expressed its support for Terrestrial and other breweries navigating these challenges.
As Terrestrial navigates its bankruptcy process, it remains committed to providing its patrons with the same exceptional experience they have come to expect. The brewery’s brunch menu, featuring enticing dishes for both humans and their canine companions, continues to be a popular attraction.
Despite the recent setbacks, Terrestrial Brewing Co. remains a vibrant hub of the Cleveland craft beer scene, and its owners are determined to preserve its legacy for years to come.