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The oldest craft brewer in the United States is being forced to close its business amid the poor economic conditions under President Joe Biden.
Anchor Brewing Company, founded in 1896, said in a statement this week that the inflation that has skyrocketed under the current administration was part of what left it “with no option but to make this sad decision to cease operations,” according to The New York Times.
The company, which has faced a decline in sales for the better part of a decade, also cited a highly competitive market, the pandemic, and being located in San Francisco.
Sam Singer, a spokesman for the company, said that the pandemic did significant damage to the company because the majority of its sales came from restaurants and bars, which were closed in many areas across the country.
“The bottom line is that Anchor ran out of money, and it ran out of time,” he said.
The company gave employees two months notice that it was shutting down and said it would dole out severance packages.
The company was started by German pioneer Gottlieb Brekle, who settled in San Franciso during the Gold Rush, Axios reported. The company struggled for a while after the massive earthquake that hit San Francisco in 1906.
“San Francisco’s flag is a phoenix rising from the ashes, and Anchor has had many phoenix moments in its history,” Singer added. “But that’s out of our hands now. We can only hope for the best.”