Terrestrial Brewing Co. has filed for bankruptcy protection, the brewery confirmed Wednesday, Cleveland.com reported. The brewery, which opened in 2017 in the Cleveland’s Battery Park neighborhood and a short walk from Edgewater Park, listed assets of less than $50,000 and liabilities of $1 million to $10 million, according to the Cleveland Business Journal. Also, the U.S. Small Business Administration and Cleveland’s economic development department hold claims for $150,000 and $6,500, respectively. In a statement, Terrestrial owners Ryan Bennett and Ralph Sgro said that the proceedings position the brewery for the future. “After careful consideration, Terrestrial Brewing filed a chapter 11 in order to help the business to remain open while we continue to work with our lenders," according to the statement. “Due to numerous circumstances outside our control, we experienced significant delays and costs associated with the expansion project. As a result, the main component of the project, the upstairs event space, has not been completed.” Bennett and Sgro mulled a restaurant and event space expansion as far back as 2019, but the subsequent coronavirus pandemic’s economic impact curbed those plans until 2021.
