According to an as-yet unconfirmed email from Wine Industry Insight: “Ascentia Wine Estates is no longer in the wine business as of the end of today when most sales of its properties are supposed to close.”
Ascentia Wine Estates which owned the Atlas Peak, Columbia Winery, Covey Run, Geyser Peak, XYZin and 1805 wine brands has been insolvent for more than a year and under pressure from its major investors to sell the properties.
Ascentia CEO Jim DeBonis has denied for a few months the company was for sale, but has allegedly just today told employees today that this was their last day. He also stated they should return on Monday to see if they had a job with any of the purchasers of the winery properties.
Shame! They had some great brands in their portfolio….not that I ever saw much from them from a marketing standpoint
I don’t know anything about the inner-working of this deal; however, any boss that gives his staff one day of notice, has questionable business ethics as far as I’m concerned (if that is indeed what happened). On to the next one…This entry was posted in News and tagged Ascentia, Ascentia Wine Brands bankrupt, Covey Run bankrupt. Bookmark the permalink. ← Wine Myths…Busted: Never Choose Wine Based on the Label. Sex Therapist Dr. Ruth Releases a Wine That’s Sure to Arouse. →