April L. Dowd photo
The bad news: COPIA:The American Center for Wine, Food & The Arts, which has been closed for several weeks, has filed for bankruptcy protection.The good news: It will reopen during the reorganization period.
The center, located in Napa, CA, said restructuring through a Chapter 11 filing will provide six months to achieve long-term sustainability. In the filing, Copia estimated its outstanding liabilities between $50 million and $100 million.
"We recently have taken intensive measures to overcome our deteriorating liquidity position," Copia CEO Garry McGuire said in a statement, referring to cost-cutting by making Copia less of a wine and food museum and more of an education institute.
Copia was the brainchild of wine pioneer Robert Mondavi, who died in May at age 94. It has been financially troubled since its 2001 opening as a facility that includes museum exhibition space, a restaurant, expansive gardens, meeting rooms and art galleries. It has been closed in recent weeks, but will reopen during the restructuring.
ON THE WEB
• Visiting Napa Valley
• Dowd's Guides
No comments:
Post a Comment