As visitors and employees remain shut out after Copia’s unexpected closing Friday afternoon, interim chief executive Garry McGuire released a statement Monday about the struggling center.
“The current economic crisis has made it difficult to obtain capital and applied additional pressure to our financial turn-around,” McGuire said.
Copia “is working on a significant debt restructuring and liquidity program that will allow it to continue to serve its food-and-wine education mission,” McGuire wrote in an e-mail.
“Temporarily suspending Copia’s operations will protect the interests of our employees by securing their wages while we negotiate a go-forward plan.”
Any long-term plans or potential reopening date won’t be announced until after the Thanksgiving holiday, according to the statement.
In a separate story, McGuire told decanter.com, “We are in the final stages of negotiation to reach a resolution of the financial problems facing the center.”
The center would re-open on Dec. 1, Decanter reported. Copia’s Web site lists no special events until Dec. 3, when it is slated to host a winemaker dinner for Vision Cellars and Black Coyote Wines.
In September, Copia laid off 24 of its 80 full-time employees and introduced scaled-back seasonal operating hours of three days a week.
On Nov. 14, Copia announced plans to sell off its 12-acre riverfront property on the Oxbow in an effort to find cash to help service a $78 million debt created by years of operating in the red.
Copia leaders have said they hoped to lease back part of the current campus to continue a full slate of wine and food programs in Napa, while opening a new facility in San Francisco.
Calls to Copia’s bond insurer, ACA Financial Guaranty Corporation and interim CFO Joe Fischer were not returned by press time.
Posted in Local on Tuesday, November 25, 2008 12:00 am Updated: 1:55 pm.
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