A TRENDY chain of liquor stores has closed all eight of its locations just three years after the first opened.
Speaking about the bankruptcy filing, the drinks company’s founder said the company simply “grew too fast.”
Non-alcoholic beverage brand Boisson announced the closure of all eight stores after filing for Chapter 11 bankruptcy.
The startup opened its first store in 2021 and has five stores in New York City, one in San Francisco, one in Los Angeles and one in Miami.
It specializes in non-alcoholic drinks aimed at adult palates.
Boisson’s best-selling products include a rosé sparkling wine imitation, a sweet and sour aperitif and a hemp-infused non-alcoholic spirit.
The company announced on April 5 that it was entering into Chapter 11 debt restructuring.
In a letter to suppliers, he cited an “overly aggressive expansion plan” and “inefficient distribution of capital” for his struggles.
CEO and founder Nicholas Bodkins shared his thoughts on bankruptcy in a LinkedIn post, calling his company “a failed venture-backed startup that grew too quickly, made mistakes, and wasn’t able to find capital fast enough to continue building three businesses at once (physical retail, e-commerce, and import /wholesale distribution).”
The brand will live on, but only as an e-commerce retailer.
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Despite Boisson’s struggles, the non-alcoholic alternatives market has seen consistent double-digit growth over the past five years, according to NielsenIQ.
However, major retailers like Amazon, Walmart, and Target were quick to adapt and cater to this trend.
MORE RETAIL CLOSINGS
What’s more, Boisson is far from the only retailer that has been forced to close stores recently.
Last year, SmileDirectClub closed all 105 locations nationwide following a Chapter 11 bankruptcy.
The company, which was also founded as a startup in 2014, has suffered years of poor sales and losses.
It had about $850 million in long-term debt at the time of the filing.
Most recently, 99 Cents Only filed for Chapter 11 bankruptcy.
The discount store chain has 371 locations in California, Nevada, Arizona and Texas.
Clearance sales are ongoing at all stores as they prepare for permanent closure.
However, an effort is underway to save 143 stores in Southern California.
Meanwhile, see which big bank is closing nine branches.
And find out why Best Buy is closing 15 stores this year.
This story originally appeared on The-sun.com read the full story
