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Leadville, Northglenn brewer files for bankruptcy after business goes flat

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Leadville, Northglenn brewer files for bankruptcy after business goes flat

A little more than a year after Periodic Brewing shuttered its doors in Leadville and Northglenn, the brewery has filed for Chapter 7 bankruptcy.

The company said in its Nov. 23 bankruptcy filing that it owes $1.4 million to a little more than 50 creditors and has assets worth $58,324.

Periodic opened in Leadville in 2015, and added a taproom and production facility in Northglenn in 2017. It closed them both in September 2020, announcing the news on social media but offering little insight into the reason why.

Chapter 7 bankruptcies are typically a liquidation process, in which a trustee is appointed to oversee a selloff of the debtor’s assets. The bankruptcy filing indicates that the brewery’s equipment has already been auctioned off by Lake and Adams counties, where Leadville and Northglenn are located.

Chris Labbe was the founder of Periodic Brewing, which launched in 2015.

“We owed a lot of money,” founder Chris Labbe told BusinessDen Tuesday. “There’s really no way around it. There’s only one path at this point to protect all the owners and make sure all the results of auctions are distributed correctly to those debtors.”

Throughout its five years of operation, Periodic served more than 300,000 pints of beer and produced more than 100,000 cans and bottles, according to Labbe. In its filing, the brewery said it had revenue of $784,998 in 2019 and $364,213 in 2020 prior to its closure.

Prior to the pandemic, Labbe said 80 percent of Periodic’s revenue came from its taprooms and 20 percent came from distribution.

“I pushed the business hard in our distribution growth, and we were successful. But going into the pandemic, we were not in a strong financial position,” Labbe said.

While distribution was a lifesaver for some breweries when the pandemic hit, and taprooms had to largely close, Labbe said Periodic stopped distribution during the pandemic in an effort to conserve cash.

“We had expanded into nearly 100 distribution locations in the Denver area and were producing at record levels,” Labbe said. “All signs pointed to continued success in the first part of 2020, but then the lights went out. We scrambled as best we could to gather resources and materials to survive what was coming, but by early June and going into July, revenue in Leadville was close to zero during a period where we usually make a lot of money.”

“It cost a lot of money to prepare and stay on top of the distribution,” he added. “And when the taprooms were shut down, we lost almost $350,00 in revenue over that first summer. It was too much to try to recover from and continue to fight the fight as a family.”

In addition to declining revenue, Labbe said he struggled to find and afford employees to staff the taprooms. Despite having another full time job in the oil and gas industry, he was working at the brewery eight to 10 hours a day.

Periodic Brewing

Periodic Brewing produced more than 100,000 cans and bottles of beer during its five years in operation.

“We physically couldn’t handle it anymore,” he said. “By July, we were at rock bottom, and that led to our decision to close in September. We knew we’d have a hard time recovering from that without an extensive personal investment.”

Creditors include Labbe himself, owed $268,044 for loans to the company; Greenwood Village-based GVC Capital, owed $609,000 for expansion funding; and OnDeck Capital, a loan agency that’s filed a lawsuit against Periodic to collect the $31,622 it’s owed.

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Boston Police commissioner search committee hears input

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Boston Police commissioner search committee hears input

The search committee for the next Boston Police commissioner hasn’t settled on any candidates yet, Mayor Michelle Wu said at the start of a meeting geared toward getting locals’ opinions about what they want in the city’s next top cop.

Wu told the 200-plus people assembled that the commission hasn’t “ID’d or spoken with” anyone yet to lead the department, and said that they want to hear from the community first, starting with the meeting Thursday night and then with at least one more.

The suggestions came in largely around what priorities for the new top cop should be. Different people suggested focuses on gun violence, mental health — both responding to calls about it and also the cops’ own wellbeing — response times, “social justice,” gender violence, transparency and accountability for officers who break the rules.

Of course, some people had completely different options about who should be commissioner. One man toward the start of the meeting said the city should look outside the department for a fresh set of eyes and a willingness to shake things up. Near the end, another man said the city should promote from within to find someone who knows the streets.

The next police commissioner will be the first permanent head of the department in what will be more than a year. Now-former Police Commissioner William Gross departed in the early days of last February amid rumors of a mayoral run — though health issues ultimately sidelined him. Then-Mayor Martin Walsh quickly appointed Gross’ replacement, the commissioner’s chief of staff Dennis White, but White only lasted a couple of days on the job before decades-old domestic allegations surfaced.

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Long COVID study: Boston researchers recruiting long haulers who are having trouble concentrating, experiencing strong fatigue

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Long COVID study: Boston researchers recruiting long haulers who are having trouble concentrating, experiencing strong fatigue

As tens of millions of Americans continue to battle long-term coronavirus symptoms, Boston researchers are hoping to crack the mystery of Long COVID and what’s sparking the debilitating condition for so many people.

Hub scientists are recruiting adults who had acute COVID-19 more than two months ago and are still experiencing symptoms, such as trouble concentrating and abnormally strong fatigue.

The brain scan study will be done in-person in Charlestown, so the long hauler study participants must be in the Boston area.

“We’re looking to try to understand what’s happening,” neuroscience researcher Michael VanElzakker, with the Athinoula A. Martinos Center for Biomedical Imaging at Massachusetts General Hospital, told the Herald on Thursday.

Since VanElzakker put out the call for long haulers on social media, people have been “really appreciative,” he said.

“Those who are dealing with this condition are really worried, and they’re hoping they get studied,” he added.

Nearly 20 million Americans are suffering from Long COVID, which is scientifically termed Post-Acute Sequelae of SARS-CoV-2 infection (PASC).

That 20 million American estimate is from the American Academy of Physical Medicine and Rehabilitation. Of those 20 million people, about 387,000 long haulers live in Massachusetts.

VanElzakker had been studying chronic fatigue syndrome before the pandemic. Many people with that disease initially have some type of viral infection.

“Studying that, I knew what was coming when COVID hit,” VanElzakker said. “There would be a subset of people who wouldn’t get better.”

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Boston College’s $100M Pine Manor Institute for Student Success to offer free courses

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Boston College’s $100M Pine Manor Institute for Student Success to offer free courses

Boston College will introduce a free summer enrichment program in June for middle and high schoolers, and an associate’s-degree-granting two-year residential college in 2024, both to broaden opportunities for underrepresented, first-generation students, the university said Thursday.

Both initiatives are part of the university’s $100 million Pine Manor Institute for Student Success, established in 2020 when Boston College and Pine Manor College signed an integration agreement that included a $50 million commitment from Boston College, which has grown to $100 million through investment returns and an anonymous pledge of $25 million.

Through the Pine Minor Institute for Students Success, the residential summer enrichment program for middle and high school students, called the Academy, will be hosted on the BC campus.

“Boston College realizes there are students who need a college degree or an opportunity to do better in middle or high school,” said University President William P. Leahy. “The goal is to match need with opportunity … so that their world’s been widened, their horizon’s been broadened.”

Beginning with a group of 40 middle school students, the Academy will offer summer courses in English, math and science for students nominated by principals, teachers, counselors or religious and community leaders.

During the school year, the students will receive academic support from trained BC success coaches and mentoring from BC undergraduate and graduate students to help the Academy students navigate the journey from middle school to college.

As they advance through high school, students also will receive training in public speaking, time management, SAT/ACT prep, and the college application process. In the summer before their senior year, they will take a college-credit course to help enhance their college readiness.

The two-year college division of Boston College will be called Messina College, named after the first Jesuit school founded in Sicily in 1548. It will offer an associate’s degree program for 100 students annually, beginning in the 2024-25 school year, with the goal of preparing students for continued studies in a bachelor’s degree program or for a professional career.

Messina College will be located on the former Pine Manor College campus in Brookline, and its students will have full access to Boston College’s campus programs and facilities. Successful students will be eligible to apply to transfer to Boston College to complete a bachelor’s degree.

The final component of the Pine Manor Institute will be an ongoing outreach initiative that will provide support for graduates of the Academy and Messina College throughout the completion of their academic studies and into their professional careers.

Together, these offerings aim to expand upon Boston College’s success in educating under-resourced, first-generation students, while continuing Pine Manor College’s legacy of outreach to underserved communities.

 

 

 

 

 

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