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Six feet under t.n.t.6/15/2023 ![]() As we learned in the Premier Cru case, just because you paid for it, and they have it, doesn't mean you will receive it. Customers and creditors of Underground Cellar will receive a notice from the Bankruptcy Court with information about the bankruptcy case."Īs Underground Cellar customers will likely learn, the company's assets may include wines bought by customers that were never shipped to them. Any decisions regarding the company’s future will be made by a court-appointed trustee. "The company has wound down its operations. "The decision to file for bankruptcy was not an easy one, but it became necessary due to recent market headwinds, and an inability to secure follow-on financing or an acquisition in what has become an increasingly challenging capital market," the website statement reads. ![]() ![]() Unlike the more common Chapter 11, which allows a business to reorganize, Chapter 7 ends the business and liquidates its assets. On Monday, the company's website was topped by a statement that Underground Cellar is filing for Chapter 7 bankruptcy. Wine Storage Owner Pleads Guilty to Fraud Premier Cru Staffer Spills Beans About Ponzi Scheme It is not clear today whether these wines in Underground's "Cloud Cellar" even existed. Underground Cellar has gone under, business-wise, without delivering many wines that clients had already purchased. The deals on high-end wine offered online by California-based Underground Cellar often seemed too good to be true: buy an ordinary Cabernet for $25 and you might get upgraded to Screaming Eagle! If you are a wine lover in California and you are on Facebook, surely you saw this ad.Īnd if you are fortunate, you did not click on it. © Image by Hanna SC from Pixabay | Underground Cellar claimed to have a warehouse full of wine, but many customers won't see any.
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