Constellation Brands announces two Ballast Point location closures: "Has not met expectations."
Shit is definitely not lookin’ so hot for the corporate craft beer craze as Constellation Brands—the adult beverage giant who purchased Ballast Point in 2015—announced they will be closing two Southern California Ballast Point locations, and scrapping plans of a new location in San Francisco.
The two shuttered SoCal locations include the Temecula brewpub and Ballast’s Miramar warehouse, not to be confused with the main brewery in Miramar.
According to Constellation Brands, the billion dollar investment “has not met expectations” due to “declining craft trends.” As stated by CEO Bill Newland, the brewery has resulted in nearly $200 million in impairment charges. Yikes.
No word on what this means for the future of Ballast Point as a company, but we can only hope the downward trend isn’t indicative of something bigger.