Canada: William Sharpe considers bankruptcy for Northern Breweries
The president and CEO of cash-strapped Northern Breweries says he will make a decision in the next two weeks about whether to declare bankruptcy, Northern Life posted June 29.
William Sharpe, who took over the ailing brewery in December 2004, addressed Greater Sudbury's city council at a meeting June 28.
The company is aboutCA $7 million in debt. Only two employees remain at the Lorne St. plant, which has been mothballed since Sharpe bought the brewery. At one time, the plant employed 16 people.
Declaring bankruptcy would clear off Northern's debts and allow Sharpe to find investors to modernize his business.
The Lorne St. plant will likely never be used as a brewery again, said Sharpe, although it can be used as a warehouse and retail outlet.
Beer production has been centralized at their Sault Ste. Marie headquarters on a "stop-start" basis as funds become available to brew, bottle and sell.
Sharpe said he has a vested interest in making the brewery work because he has put CA$700,000 of his own money in the business.
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