Reported about 6 hours ago
Staggemeyer Stave, a key manufacturer of barrel staves for the whiskey and wine industries, has filed for Chapter 11 bankruptcy protection following an involuntary Chapter 7 filing by Decorah Bank & Trust Company. This move highlights the ongoing challenges faced by the spirits industry, which is experiencing reduced consumer spending and a decline in sales amid economic pressures. Despite a slight overall dip in sales, the spirits sector has maintained its market lead, although shifts in consumer drinking habits are evident, particularly among younger adults.
Source: YAHOO