The founders of Urban Chestnut Brewing Company owe their lender over $300,000 after failing to make payments for about seven years, a judge ruled this week.
Last year, Lester Nydegger sued the brewer’s co-founders David Wolfe and Florian Kuplent in ×îÐÂÐÓ°ÉÔ´´ County court. The suit stated that in July 2013 Urban Chestnut took out a 10-year loan from Nydegger for $50,000 but stopped making annual payments after 2016.
Now, Wolfe and Kuplent must pay him $330,680.33, which includes accrued interest and late fees.
Wolfe and Kuplent did not immediately respond to a request for comment through their lawyers.
Like many craft brewers over the past few years, Urban Chestnut struggled to bounce back from the COVID-19 pandemic and meet the changing tastes of consumers.
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The company filed for bankruptcy protection last fall, before being bought by local investor Brian Travers for $2.55 million this year. Wolfe and Kuplent are still involved in the brewery.Â
Urban Chestnut is still facing claims over unpaid loans. Last year, Urban Chestnut was hit with a second lawsuit that claims Wolfe and Kuplent borrowed $100,000 from a trust company in 2013, but only made two $8,000 interest-only payments in 2014 and 2015. The loan reached maturity last fall.
A jury trial is scheduled for Dec. 8.
Urban Chestnut opened its first location, Midtown Brewery & Biergarten, in January 2011 in the Covenant Blu-Grand Center neighborhood of ×îÐÂÐÓ°ÉÔ´´. Three years later, it opened its second location in The Grove.Â
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