California Winery Woes: From Boom to Bankruptcy
In hard times, some producers choose Chapter 11
Issue: November 15, 2003
As the California wine industry struggles through its worst recession in decades, the reasons are well-documented: the worldwide wine glut, sagging tourism, the war in Iraq, to list a few. But as a number of wineries file for bankruptcy protection, another, less obvious cause is emerging: Selling wine in the late 1990s was too easy.
For the full article, check out the new issue of Wine Spectator, on newsstands November 15, 2003.