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The company is in a court-ordered bankruptcy case.
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Selling the property is part of her plan.
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Chapter 11 bankruptcy, but not Chapter 7 liquidation, remains a possibility.
Very few brands trace their history back to the 1950s, and almost no brands are literally created to right a historical wrong.
But Uncle Nearest’s origins go back to the founding of Jack Daniel’s. It’s not the prettiest story (there weren’t many during slavery), but it’s a story with an inspiring ending.
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Nathan “Closer” Green was a formerly enslaved man who became a master distiller and is credited with teaching young Jasper Newton “Jack” Daniel how to distill whiskey. Source:CBS News
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After emancipation, Nearest became Jack Daniel’s first “head stopper” (master distiller).
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The Uncle Nearest brand was later created (launched in July 2017) in honor of Nearest Green, celebrating his legacy. Source:Professor of Alcohol
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The brand emphasizes reclaiming and telling this story; For example, founder Fawn Weaver researched and documented Nearest Green’s history and descendants. Source:Professor of Alcohol
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in 2020 Uncle Nearest and Jack Daniel’s (owned by Brown-Forman Corporation) have partnered on an initiative to promote diversity in the whiskey and spirits industry (Nearest & Jack Advancement Initiative).
Brown-Forman has no ownership interest or business relationship other than working together on the aforementioned initiative.
The Uncle Nearest brand has been in financial trouble, but a recent court ruling suggests it will survive.
“Uncle Nearest Inc. is preparing to sell non-core assets, including French vineyards, a cognac château and other properties, as part of an effort to stabilize the Shelbyville whiskey company under a court-appointed receiver,” the Moore Country Observer reported.
The property is part of the cognac business, which the company has decided to exit because it does not have the cash to bring the product to market.
October 1 In a filing in U.S. District Court, receiver Phillip G. Young Jr. said other assets could be sold, but the core brand was viable.
The company has a high value and can be reorganized as a going concern.
Young made several changes to the company during his tenure as receiver. The foreclosure came after Farm Credit Mid-America, Uncle Nearest’s primary lender, filed a lawsuit.
Young corrected this relationship and made other changes:
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The lender agreed to offer 2.5 million. USD short-term financing to cover overdue bills and professional fees.
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The 13-week budget shows that the company’s income is sufficient to cover its operating expenses.
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The company dismissed 12 employees.