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Anchor Brewing workers raise $90K
The group fighting to persevere the legacy of San Francisco's Anchor Brewing Co. plans to meet with investors after raising more than $91,000 in their quest to buy back the company.
SAN FRANCISCO - The group fighting to persevere the legacy of San Francisco's Anchor Brewing Co. plans to meet with investors after raising more than $91,000 in their quest to buy back the company.
Anchor SF Cooperative, comprised of former employees of the influential brewery, launched efforts to purchase the company and turn it into a worker owned and operated business.
The 127-year-old Anchor Brewing, hailed as a trailblazer of craft beers, stopped production in July after years of declining sales and tough economic conditions.
Employees started a GoFundMe campaign last week to raise $50,000 to cover bills and legal fees as the group explores the possibilities of worker ownership. The group received an outpouring of support in a short amount of time, exceeding its goal by raising $91,487.
"The amount of support in just 7 days really speaks to how much San Francisco wants Anchor Brewing, and its 127-year legacy, to continue to stay in San Francisco!" the group shared said in an update on GoFundMe.
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Local interest now on tap to buy iconic Anchor Brewing Company
More than two dozen different investors have expressed interest in buying the now shuttered 127-year-old Anchor Brewing Company, according to company spokesperson Sam Singer. Around half of the investors are based in the Bay Area, including venture capitalist Mike Walsh.
The funds allow the group to enter phase two of its plan to acquire the brewery.
"This means talking to investors, telling Anchor’s story, and how we plan to bring it back better than ever as worker owned. Once we have that collaboration in place we can place a bid to buy Anchor back," the collective said.
Anchor was a pioneer in the U.S., brewing craft beers in the 1970s when most Americans were loyal to a handful of major brands. Its unique brewing techniques ignited demand beyond the city borders of San Francisco. Anchor was one of the last remaining breweries to produce California common beer, also known as Steam Beer.