MJP –
A well-known Colorado coffee shop unexpectedly declares bankruptcy after 14 years in operation, all because of the pandemic’s aftereffects.
After over fifteen years of service to the Colorado Springs community, Switchback Coffee Roasters has filed for Chapter 11 bankruptcy on Monday.
With a mission to provide Colorado Springs with specialty coffee, Brandon DelGrosso and a friend opened an independent roastery in 2010.
Despite the challenges they faced, they have discovered great joy in strengthening their bonds with their community.
In an interview with The Street, DelGrosso explained that, although there were excellent local roasters, they thought that not enough was being done to discover the coffee’s full acidity and potential.
“Determined, we bought a little eight-pound roaster and set up shop in a garage, catering mostly to our close circle of friends and family.”
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A Bronze medal from the Colorado Springs Independent recognized Switchback Coffee’s commitment to quality; this accolade highlights the company’s potential to become a prominent player in the coffee industry.
The original roastery is now part of a larger chain that also includes two cafes.
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The beans are distributed all over the nation, thanks to the company’s dedication to quality.
Industry experts have acknowledged their commitment to excellence; Reader’s Digest even named Switchback the best coffee in Colorado.
The judges at the magazine’s state-wide coffee shop competition chose Switchback Coffee Roasters over the others because of the business’s dedication to community involvement, single-origin sourcing, and on-site roasting.
Even for its drip coffee, Switchback Coffee Roasters has a pay-what-you-can approach.
The restaurant industry took a major hit during the COVID-19 outbreak since many businesses had to lock their doors because consumers were told to remain home.
Despite their success, several companies encountered enormous difficulties and, in some instances, were had to close their doors permanently.
However many restaurants have been working hard to recover from the pandemic-related debt they accrued.
The additional costs were simply too much for some companies to bear.
On August 19, Switchback sought protection from the United States Bankruptcy Court for the District of Colorado by filing for Chapter 11 bankruptcy.
The official documents indicate that the company’s assets were from $50,000 to $100,000, while its liabilities were between $500,000 and $1 million.
Unsecured creditors would have access to funds, the corporation stated in the statement.
Along with its other assets, Switchback mentioned that it possesses “perishable goods or assets that could quickly deteriorate or lose value without attention.”
