The Brass Tap has filed for bankruptcy
The Brass Tap, a restaurant and bar at The Rim that featured more than 50 varieties of craft beer, has filed for Chapter 7 bankruptcy and has closed.
Calls to the business from the Express-News indicated that the number has been disconnected, and its Facebook presence has been disabled.
Documents filed with U.S. Bankruptcy Court on Monday showed Graystone Group Inc., doing business as The Brass Tap, had $123,743 in total assets and $727,151 in total liabilities.
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Texas Champion Bank was the largest secured creditor, according to the documents. It is owed $591,092.
In 2016, the business generated more than $1 million in revenue, but business dropped dramatically to $595,621 in the 15 months leading up to the bankruptcy.
The Florida-based chain entered the San Antonio market in 2015 and was known for its “Brew Crew” membership club. The bar featured local breweries such as Freetail, Southerleigh and Branchline, among others.
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