“Ink! Coffee, Aspen, CO” by danxoneil is licensed under CC BY 2.0. Photo upload date: 2015.
Long-running coffee roasting and retail company Ink! Coffee filed for Chapter 11 bankruptcy in Colorado last week.
The voluntary Chapter 11 petition invokes Subchapter V of the United States Bankruptcy Code, which is typically used by small businesses to hasten and streamline business reorganizations.
Filed in Colorado Bankruptcy Court, the petition lists Ink! Coffee’s estimated liabilities between $1 to $10 million, with an estimated 50-99 creditors. Estimated assets were listed between $0 to $ 50,000.
The petition was notably filed on June 20, one day before a provision in the CARES Act that reduces the amount of liabilities qualifying for Subchapter V status was scheduled to sunset.
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The CARES Act economic stimulus package temporarily raised the debt limit for businesses seeking Subchapter V protection from $3,024,725 to $7.5 million. As of June 22, the threshold has returned to $3,024,725.
Ink! Coffee has not replied to DCN’s request for comment.
The company, founded by avid skier Keith Herbert in 1994, has operated coffee retail locations in both the Aspen and Denver Markets. By the middle of the last decade, the company had as many as 16 retail locations, including its Denver roastery in the RiNo neighborhood.
Numerous Ink! Coffee locations have recently closed, although at least four Denver-area shops are confirmed opened as of this writing, including a large recently opened coffee kiosk inside the Cherry Creek mall.
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Nick Brown
Nick Brown is the editor of Daily Coffee News by Roast Magazine.
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