A liquor and wine brand has filed for Chapter 11 bankruptcy protection after its bank pushed for Chapter 7. The Covid slowdown affected sales in the industry, with a -1.1% decrease in the U.S. market. The spirits sector maintained a 42.2% market share. Young adults are drinking less, while older adults are drinking more.

Staggemeyer Stave, a key player in the liquor and wine industries, filed for Chapter 11 bankruptcy protection. The family-owned company, with a rich history dating back over 50 years, faced financial challenges. The company’s assets and liabilities are estimated to be between $1 million and $10 million, with 50 to 99 creditors. Other brands in the industry have also faced financial troubles.

Read more at Yahoo Finance: Key whiskey and wine industry brand files Chapter 11 bankruptcy