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Vintage Wine Estates Announces Workforce Reduction and Asset Sale

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Vintage Wine Estates, one of the leading wine producers in the U.S., has revealed plans to reduce its workforce by approximately 15%. To assist with the sale of non-core assets, the company has enlisted the help of investment bank Oppenheimer.

The job cuts are expected to result in annual savings of around $7.1 million. Vintage Wine Estates, which owns renowned wine brands such as Layer Cake, Bar Dog, and Cherry Pie, intends to monetize its Clos Pegase winery and tasting room in Napa, as well as its Viansa property in Sonoma. Additionally, the company will wind down specific business-to-business services.

In an effort to streamline its operations, Vintage Wine Estates will also be focusing on select super-premium estate wineries for its direct-to-consumer business. By concentrating its resources, Chief Executive Seth Kaufman believes that the company can establish stronger brand desirability, leading to increased wholesale throughput in both on-premise and retail channels.

Furthermore, Vintage Wine Estates is considering the sale of certain wine brands at premium price points and below.

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