North Austin brewery 4th Tap Brewing Co-op has filed for Chapter 7 bankruptcy, meaning it will liquidate its assets, as reported by the Austin Business Journal. The brewery, located at 10615 Metric Boulevard, is currently closed as of July 26, and it’s unclear if it will reopen.
4th Tap opened in 2015 as Austin’s first worker-owned brewery with a variety of rotating taps. It’s also known as the home of amateur wrestling show Party World Rasslin’ and Laotian food truck SXSE Food Co. SXSE plans to become mobile again while it looks for a new home, while Party World Rasslin’ is hoping to have an update this week about its next steps.
Co-owner John Stecker told Austin Business Journal that 4th Tap’s rent has more than doubled since the brewery opened due to the nearby Q2 soccer stadium and the Domain. He further speculated that although there was lots of new residential construction, few people had actually moved in, so foot traffic had not increased.
The bankruptcy filing listed less than $50,000 in estimated assets against $1 million to $10 million in liabilities, although as an emergency filing, it does not list all of 4th Tap’s assets.
4th Tap is not the only struggling brewery in the area. Belgian brewery Adelbert’s will close in October to make way for the construction of an office building, and mead company Meridian Hive filed for Chapter 11 bankruptcy protection in March.