As we continue to tout the growth of the wine industry in the Piedmont, it appears we may actually be losing one of the big name players. Late Friday evening William Moses CEO of Kluge Estate with his wife Patricia Kluge issued a release indicating the severity of financial woes that currently affect the winery. They call it the “Perfect Storm” as the economic collapse also hit the wine industry hard. Even though sales have continued to grow, they say that the pace did not satisfy the banking consortium.
They are currently working with both potential buyers and the banks in the hopes of saving the business that they have developed over the past 11 years. News such as this affects everyone in the industry, and the owners say they do not plan “to give up nor go quietly into the nite.” It appears that the banks have decided to press forward and dismantle the winery and auction off the property.
It is always better to applaud a new business than watch one fall into financial distress.