Forgotten Boardwalk, after losing lease, seeks bankruptcy protection from creditors

CHERRY HILL – Another South Jersey brewery has filed for protection from its creditors.

Forgotten Boardwalk Brewing LLC went to bankruptcy court on Jan. 12, the same day its Facebook page announced the loss of the lease for its Olney Avenue location.

But the move doesn't mean Forgotten Boardwalk will become just a memory, according to the company's attorney.

"We are actively exploring several reorganization options before the end of February, when the current lease expires," said Douglas Leney, a Philadelphia lawyer.

And a company statement said the brewery is "evaluating all options" and is open to "serious business inquiries."

Both said the loss of its lease led to the Chapter 11 filing, which allows a debtor to pursue court-approved restructuring of its finances.

Forgotten Boardwalk listed assets of $331,740 and liabilities of $1.1 million in its Chapter 11 filing.

The bankruptcy action came after a similar move by Flying Fish Brewing Co. of Somerdale.

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It also sought Chapter 11 protection.

Flying Fish, among the first in a wave of breweries across South Jersey, once occupied Forgotten Boardwalk's current home on Olney Avenue.

Both companies filed in U.S. Bankruptcy Court in Camden.

Forgotten Boardwalk's filing noted a drop in business last year. It said 2023 revenues were some $1 million, down about $160,000 from the previous year.

The firm’s assets include brewing equipment and office fixtures.

But its filing also notes boardwalk-themed "collectibles" like a palm reading machine, a personality tester, funhouse mirrors and two Skee-Ball machines.

An attorney for the company could not be reached for immediate comment.

In the Jan. 12 Facebook post, majority owner Jamie Queli said Forgotten Brewery “vigorously tried to sign a lease extension with our landlord to no avail " after occupying the Cherry Hill site for 10 years.

The post noted the brewery and tasting room will maintain regular business hours until Feb. 29.

Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.

This article originally appeared on Cherry Hill Courier-Post: Forgotten Boardwalk Brewing says revenues fell in latest year