Copyright Mechanicsburg Patriot News
A company that’s been a key player in the wine and spirits industry has filed for bankruptcy. This bankruptcy filing occurred earlier last week, and involves up to millions in liabilities. According to The Spirits Business, Staggemeyer Stave — a Caledonia, Minnesota-based business that produces white oak barrel staves for the production of wine and whiskey — voluntarily filed for Chapter 11 bankruptcy on October 17. This action, The Spirits Business adds, was taken after Decorah Bank & Trust Company — one of Staggemeyer Stave’s creditors — filed a Chapter 7 bankruptcy petition against the company on October 3. The bank’s petition accused Staggemeyer Stave of “generally not paying its debts as they become due.” Staggemeyer Stave’s filing lists between $1 million and $10 million in assets. It also notes that the company has between 50 and 99 creditors, and liabilities also between $1 million and $10 million. The business’s website explains how Staggemeyer Stave has been working behind-the-scenes in the wine and spirits industry for about half a century. With roots in Missouri, it eventually made the move to the Gopher State in 1958. “Today, we continue our proud tradition of supply exceptional quality barrel staves to the premium wine and whiskey industries,” the website reads. “But our company pride doesn’t stop there. “Being a local family-owned company, we have a home-grown sense of responsibility towards the woodlands we utilize. The Staggemeyer Stave Company fully supports the found management of forests for future generations to use and enjoy. Our commitment to the environment has been ongoing from the beginning, in all aspects of our business.” Further information on Staggemeyer Stave’s bankruptcy — as well as its future — remains pending,
