Articles from Vintage Wine Estates, Inc.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (the “Company“) announced today that the Company and certain of its subsidiaries (such subsidiaries, each a “Debtor,“ and together with the Company, the “Debtors“) filed a voluntary petition for reorganization (collectively, the “Chapter 11 Cases“) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code“) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court“). This process is intended to establish a fair, structured process for VWE to address outstanding debt obligations while the business pursues the sale of its assets.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (the “Company”) today announced that the Company and its lender group have amended the amended and restated forbearance agreement dated April 2, 2024 (as amended, the “amended forbearance agreement”) to extend the forbearance period to June 4, 2024. The lenders have also agreed to defer the $10 million principal payment previously due at May 15, 2024 to June 17, 2024.

First paragraph, first sentence of release should read: ...the Company and its lender group have amended the forbearance agreement dated February 28, 2024... (instead of ...the Company and its lender group have amended the forbearance agreement dated March x, 2024...)

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced the appointment of Steven Strom to its Board of Directors, as of March 28, 2024. As an independent director, Mr. Strom will serve as the Chair of the Finance Committee, which also includes Robert L. Berner III, Mark Harms, Jon Moramarco and Patrick Roney.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today reported its financial results for the three and six months ended December 31, 2023 ("second quarter fiscal 2024").

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today provided an update on the business to include its progress with restructuring and asset sales, discussions with its lenders and financial reporting timing expectations.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on February 21, 2024, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2023 (the “Form 10-Q”) within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced that it is restructuring the business by seeking to monetize certain assets and exit certain non-core, lower margin product and service offerings. As a result, the Company will be reducing its workforce by approximately 15% for expected annualized savings of $7.1 million. Restructuring charges for the actions are expected to be approximately $1.5 million, which will be reflected in the third quarter of fiscal 2024 which ends March 31, 2024.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced the appointment of Ryan Watson as Chief Marketing Officer (“CMO”). Mr. Watson joins VWE with nearly 20 years’ experience in global, data-driven, consumer-oriented marketing and transformational strategies in both B2B and B2C verticals across a variety of industries. He will begin his duties on January 16, 2024.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced the appointment of Farzana Shubarna in the newly created role of Vice President of Operations. Ms. Shubarna brings extensive international experience driving value creation from her strategic leadership roles in manufacturing, warehousing, sustainability programs and end-to-end supply chain operations for the fast-moving consumer goods and nutrition industries.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today reported its financial results for the first three months of fiscal 2024 ended September 30, 2023 ("first quarter fiscal 2024").

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, announced today that Seth Kaufman, President and CEO, completed his first week at VWE having joined the Company on October 30, 2023. For the last four years, Mr. Kaufman has been President & CEO of Moët Hennessy North America, the $2.5 billion North American wine & spirits business of LVMH (ENXTPA: MC, OTCPK: LVMU.Y). During that time, he has organically grown the business in the high single digits while increasing profitability. Prior to LVMH, Mr. Kaufman progressively advanced through several roles over a nearly 20-year career at PepsiCo, Inc. (Nasdaq: PEP). His roles included among others, Chief Marketing Officer, PepsiCo North America Beverages and President, North America Nutrition.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today reported its financial results for its fourth quarter and fiscal year ended June 30, 2023. These financial results reflect the impacts of the restatement of prior fiscal 2023 quarters and the related revisions of fiscal 2022 financial results. Results include Vinesse, LLC ("Vinesse") acquired on October 4, 2021, ACE Cider, acquired on November 16, 2021, and Meier's Wine Cellars, Inc. (“Meier’s”) acquired on January 18, 2022. (Note: all references to revenue are equivalent to net revenue)

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, announced today that it will release its fourth quarter and fiscal year 2023 results after market today. The Company will host a conference call and webcast at 9:00 a.m. on Monday, October 16, 2023, at which management will review the financial and operating results for the periods and to discuss its corporate plans and outlook. A question-and-answer session will follow.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced that it will restate its previously issued consolidated financial statements for the first, second and third quarters of fiscal 2023, which ended September 30, 2022, December 31, 2022 and March 31, 2023, respectively. The adjustments resulted from a reassessment of technical accounting matters in the fiscal 2023 first, second and third quarters. The restatements will delay filing of the Company’s fiscal 2023 10-K and the finalizing of amendments to the Company’s credit agreement. The Company is seeking to complete the credit agreement amendments within the next two weeks. The restated interim financials and fiscal 2023 10-K will be filed as soon as practical.

Demonstrated success as President & CEO, Moët Hennessy North America

INCLINE VILLAGE, Nev., July 20, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today provided an update on its simplification and cost reduction activities, progress on productivity improvements, preliminary fiscal 2023 results and fiscal 2024 expectations.

INCLINE VILLAGE, Nev., July 13, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-customer platform, announced today that it will host a teleconference and webcast on Thursday, July 20, 2023 to update investors on its strategic initiatives and progress with simplifying the business, reducing costs, expanding margins, reducing debt, and preserving cash.  

INCLINE VILLAGE, Nev., May 18, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-customer platform, today announced the appointment of Rodrigo de Oliveira as Vice President Supply Chain. Mr. de Oliveira brings deep domestic and international experience in operations/supply chain leadership, manufacturing product development, organizational restructuring, M&A integration, business turnarounds, and continuous improvements. Much of his experience has been with consumer products businesses.

INCLINE VILLAGE, Nev., May 10, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-customer platform, today reported its fiscal 2023 year-to-date financial results for the first nine months of fiscal 2023 including its fiscal third quarter ended March 31, 2023, fiscal second quarter ended December 31, 2022 and restated fiscal first quarter ended September 30, 2022.  Results include Meier's Wine Cellars, Inc. acquired on January 18, 2022, ACE Cider, acquired on November 16, 2021 and Vinesse, acquired on October 4, 2021.

INCLINE VILLAGE, Nev., April 24, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-customer platform, announced today that it will release its second and third quarter, as well as year-to-date fiscal year 2023 financial results after market close on Wednesday, May 10, 2023. The Company will also file its restated first quarter fiscal 2023 results at that time.

INCLINE VILLAGE, Nev., April 05, 2023 (GLOBE NEWSWIRE) --  Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-customer platform, today reported that total non-cash impairment charges for the second quarter of fiscal 2023 that ended December 31, 2022 is expected to be in the range of $130 million to $145 million. The total is comprised of approximately $120 million to $130 million in estimated goodwill impairments driven by changes in performance of certain lines of business in the Wholesale and B2B segments, and an estimated $10 million to $15 million write down in indefinite-lived tradename and trademark assets primarily related to revised expectations of future net sales for the Layer Cake brand and the expected future cash flow from the ACE Cider business.

INCLINE VILLAGE, Nev., March 23, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced that it requires more time to complete processes needed to close its second quarter of fiscal 2023. The Company now expects to file its amended first quarter 2023 10-Q and report its second quarter fiscal 2023 results as soon as practical, but no later than April 30, 2023.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-customer platform, today reported the sale of the Tenma Vineyard in Calistoga, California.

INCLINE VILLAGE, Nev., Feb. 16, 2023 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on February 13, 2023, indicating that, because the Company has not filed its Quarterly Report on

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced that it plans to restate its previously issued consolidated financial statements for first quarter fiscal 2023 which ended September 30, 2022. The restatement relates to the misclassification and accounting for certain assets and also the timing of recording certain costs. These required adjustments were identified by the Company’s finance team in the process of closing the second quarter fiscal 2023.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced that Pat Roney, Founder of Vintage Wine Estates, has elected to transition from Chief Executive Officer to Executive Chairman of the Board of Directors. The Board has initiated a comprehensive search process to identify a replacement CEO. In the interim and until a successor is named, the Board has appointed Jon Moramarco, independent director, as Interim CEO, effective immediately. Paul Walsh, who has been Chairman of the Board, will assume the role of Independent Lead Director. Terry Wheatley, President of VWE, will continue in her role leading the sales and marketing efforts of the Company including distributor network relationship management. Together with Kris Johnston, Chief Financial Officer and Zach Long, Chief Operations Officer, they will maintain responsibility for continuity of personnel and day-to-day operations. The Company also announced that it has retained Arthur Bert, a corporate strategy and acquisition integration advisor, to assist in the reorganization and simplification of VWE. Mr. Bert was previously the Managing Director – Global Corporate Strategy and M&A Practice Lead for Accenture and prior to that was the M&A practice lead at A.T. Kearney.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the leading wine producers in the U.S. with an industry leading direct-to-customer platform, announced today that it will release its second quarter fiscal year 2023 results after the close of financial markets on Thursday, February 9, 2023.

Vintage Wine Estates, Inc. (NASDQ: VWE), a fast growing wine producer with an industry leading direct-to-customer platform, today announced two promotions that further its efforts to advance its leadership team, develop talent from within and build greater bench strength. Zach Long, previously Senior Vice President of Winemaking and Production, will now serve as Chief Operations Officer and Jenna Duran, formerly Senior Director of Marketing, has been appointed Vice President of Marketing.

INCLINE VILLAGE, Nev., Dec. 19, 2022 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today reported the establishment of an important scenic easement in San Luis Obispo, California on its Laetitia Vineyard properties, the sale of a portion of those properties and entry into an amended and restated credit agreement.

Monies RAISED in the Community STAY in the Community

INCLINE VILLAGE, Nev., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today reported its financial results for its first quarter ended September 30, 2022. Results include Vinesse, LLC ("Vinesse") acquired on October 4, 2021, ACE Cider, acquired on November 16, 2021, and Meier's Wine Cellars, Inc. acquired on January 18, 2022.

SANTA ROSA, Calif., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Vintage Wine Estates (Nasdaq: VWE and VWEWW) is proud to announce that all of its California estate wineries and vineyards have been certified sustainable through the California Sustainable Winegrowing Alliance (CSWA). These certifications are a direct reflection of Vintage Wine Estates ongoing commitment to environmental stewardship through sustainable practices including water and energy efficiency, waste management, supply chain oversight, healthy soils and low risk, cultural pest management.

INCLINE VILLAGE, Nev., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, announced today that it will release its first quarter fiscal year 2023 results after the close of financial markets on Wednesday, November 9, 2022.

SANTA ROSA, Calif., Oct. 25, 2022 (GLOBE NEWSWIRE) -- Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW), a leading beverage alcohol company, today announced that Jessica Kogan has been appointed to Chief Growth & Experience Officer. As part of her newly expanded responsibilities, Ms. Kogan will lead digital transformation initiatives focused on disruptive ways to deepen customer affinity and enable meaningful efficiencies in content publishing. Ms. Kogan will also serve as a member of the Senior Leadership Team of Vintage Wine Estates, providing continued insight and direction specific to omnichannel opportunities.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today reported its financial results for its third quarter fiscal year 2022 ended March 31, 2022. Results include Vinesse, LLC ("Vinesse") acquired on October 4, 2021, ACE Cider, acquired on November 16, 2021, and Meier's Wine Cellars, Inc. acquired on January 18, 2022.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, announced the launch of NexDrinx, a new product line initiative focused on the development, marketing and sales of alternative beverage products.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today announced that it will release its third quarter fiscal year 2022 results after the close of financial markets on Monday, May 16, 2022.

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (TSX: VWE.U and VWE.WT.U) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry-leading direct-to-customer platform, today announced that it has provided written notice to the Toronto Stock Exchange (the “TSX”) of its intent to voluntarily delist its common shares (“Common Shares”) and common share purchase warrants (“Warrants”) from the TSX. Accordingly, VWE expects that effective at the close on March 7, 2022, the Common Shares and Warrants will no longer be traded on the TSX. The Common Shares and Warrants will continue to trade on the Nasdaq Global Market and the Nasdaq Capital Market, respectively, under the symbols “VWE” and “VWEWW”.

Vintage Wine Estates, Inc. (Nasdaq: VWE) (Nasdaq: VWEWW) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today reported its financial results for its second quarter fiscal year 2022 ended December 31, 2021. Results include Vinesse, LLC ("Vinesse") acquired on October 4, 2021 and ACE Cider, acquired on November 16, 2021.

Vintage Wine Estates, Inc. (Nasdaq: VWE) (Nasdaq: VWEWW) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), one of the fastest growing wine producers in the U.S. with direct-to-customer platform, today announced that it will release its second quarter fiscal year 2022 results after the close of financial markets on Monday, February 14, 2022.

Vintage Wine Estates, Inc. (Nasdaq: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), one of the fastest-growing wine producers in the U.S. with an industry leading direct-to-customer platform, today announced that its warrants have been approved for listing on the Nasdaq Capital Market (“Nasdaq”) and are expected to begin trading on the Nasdaq effective with the market open today under the ticker VWEWW.

Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) (“VWE” or the “Company”), a top 15 U.S. wine company and one of the fastest-growing wine producers in the U.S., announced today the acquisition of Meier’s Wine Cellars, Inc., DBA Meier’s Beverage Group, (“Meier’s”) located in Silverton, Ohio which is north of Cincinnati. The purchase was valued at approximately eight times Meier’s 2021 adjusted EBITDA.

Vintage Wine Estates, Inc. (NASDAQ: VWE) (TSX: VWE.U) (TSX: VWE.WT.U) announced that businessman, author, politician and television personality Kevin O’Leary — also known as “Mr. Wonderful,” has launched Shop Mr. Wonderful — a new lifestyle platform in partnership with Vintage Wine Estates.