Modern Times Beer

San Diego-based Modern Times will close four satellite locations by the end of the week citing ongoing financial issues. 

“We wish that there were another way to resolve the financial issues we now face, but we have been put in a position – by the pandemic and global declines in the craft beer industry – from which this tremendously difficult path is the only way forward for us,” Modern Times stated in a blog post. 

As of the end of this week, we will be closing our Portland, Oakland, Santa Barbara, and Los Angeles locations. It is a surreal and painful turn of events for us and everyone affected. https://t.co/2DzQcMftLp pic.twitter.com/eg5uO6Rg7s

— Modern Times Beer (@ModernTimesBeer) February 14, 2022

After new leadership stepped in over the past few weeks, the financial state of the company is unsustainable. Per the brewery, “We’ve arrived at this current moment as the result of a combination of factors: four straight years of rapid, costly expansion followed by an unforeseen and financially devastating global health crisis, and an industry-wide decline in sales. Taken together, these factors have stretched our finances and company culture to a point that is simply no longer sustainable.”

This means closing Modern Times Portland, Oakland, Santa Barbara, and Los Angeles locations by February 19th. The Point Loma, North Park, Encinitas, and Anaheim locations will remain open. 

Smaller, Smarter, Faster.

That’s Modern Times Beer’s approaching in their own words going forward. No more building and expanding what the brewery can’t afford. Distribution will be focused again on Southern California and the southwest. An east coast distribution will wind down immediately. 

To read the brewery’s full letter, click here. 

San Diego based Modern Times is now employee owned, a first for California breweries.

Recently employees repurchased 30% of shares from out of state investors, achieving at least a partial employee ownership status. The brewery plans on being 100% employee-owned in the near future. It only took Modern Times four years to be able to repurchase those shares.

What this means for you is that we now have a staff full of brewery-owners investing their various talents & abilities in a company they’re meaningfully and directly responsible for. Essentially, you should probably prepare to be even more dazzled than usual with what’s about to emerge from our brewhouse, coffee program, and upcoming new locations. This is a seriously massive step for us, and we cannot wait to share the resulting radness with all of you.

The brewery as a whole touts a list of employee incentives already, including health care, competitive salaries, two-month paid sabbatical after 5 years, unlimited paid time-off, and a take home wage of $15 dollars an hour (plus lots of free beer and coffee).

The Modern Times employee stock ownership plan was facilitated by Ambrose Advisors. Neil Brozen of Ventura ESOP Fiduciary Services has been retained as the Trustee.

The future holds not only sustainable ownership structure, according to CEO and founder Jacob McKean, but new growth and efficiency improvements, new beers, and an expanded company direction.