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Whisky is a passion to explore. From the history of the spirit to the evolution of the industry, the story of whisky helps fuel that passion. Often, it’s easy to forget that whisky is also a global multibillion dollar industry. The stories of whisky — from news and new releases to in-depth inquires and what goes on behind the label — blend together to help us appreciate the spirit of whisky.
Westward Whisky Parent Files for Bankruptcy
Portland, Oregon-based House Spirits, which makes Westward American Single Malt whiskey, has filed for Chapter 11 bankruptcy in a Delaware federal court. The filing lists several reasons for the company’s financial distress, including overproduction of its whiskey and reduced demand from consumers.
The company was founded in 2004 by Christian Krogstad, who departed in 2022, and included investors such as former NFL legend Joe Montana. The firm sold a minority stake to Diageo through its Distill Ventures partnership, and is the second Distill Ventures-backed distillery to go through financial issues following Diageo’s exit from the partnership last month. Stauning Whisky of Denmark laid off 13 staff members following the Diageo exit.
It’s believed that move will allow Westward to seek additional capital. The company said in its bankruptcy filing that its current whisky inventory is worth $25 million, and CEO Thomas Mooney said in a statement that additional capital will allow House Spirits to restructure its debts and continue as an ongoing concern.
“We have chosen to embark on this process because we are confident that Westward has a bright future, and restructuring will position us to compete and win in the marketplace as it exists today, not as it was in the past,” Mooney said in the statement. Listen to this weekend’s WhiskyCast for our in-depth interview with Mooney.
Westward primarily sells its single malts on the U.S. West Coast in California and Oregon, and generates around 40% of its sales in exports to Australia and Taiwan.
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