Instagram / @gabrielsliquor
The San Antonio-based operator of Gabriel’s Liquors
and Don’s & Ben’s Liquor
filed for Chapter 11 protection and is expected close at least five stores in the coming weeks.
Gabriel Holdings was placed on the Texas Alcoholic Beverage Commission's delinquent list
last month after failing to pay its liquor vendors. The family-owned company was previously in talks to merge with another business, but that deal fell through, and it was unable to purchase additional liquor for its shelves.
The company plans to close five stores, and may close more in the coming months, said attorney Thomas Rice, who represented the company during an emergency court session on Tuesday, the Express-News reports
At the hearing, Gabriel's attorneys said the company owes $6.7 million on a line of credit with PNC Bank that expired September 30, according to coverage from the Rivard Report
. The firm also owes suppliers Glazer’s and Republic National another $4 million.
Gabriel’s has been in the liquor business for 71 years.
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