If you’ve always dreamed of owning an acclaimed Tennessee whiskey company, now might be the time to snap off a deal.
Uncle Nearest — the brand named for the once-enslaved man who later taught Jack Daniel the art of whiskey-making — is looking for a buyer.
Since last summer, the company has been in receivership, meaning a court-appointed attorney, Phillip Young, has been in charge. His job is to shepherd Uncle Nearest through huge financial problems: over $100 million in debt and years of unpaid taxes.
Young has to make regular reports on how it’s going, and the latest update is not stellar. The company remains insolvent, and he’s been looking for someone to buy its assets. This summer, there was speculation that an investment firm tied to rap mogul Jay-Z might step in, but that hasn’t happened.
Part of the problem is people just aren’t buying as much booze these days. Young’s latest report says he’s on track to offload some French vineyards, but then there’s a chateau — one of many Cognac chateaus languishing on the market because the thirst for cognac is down even worse than whiskey due to tariffs.
Other problems include key employees leaving for steadier work elsewhere, as well as ongoing financial investigations.
Still, the latest report says the company has a future. A buyer could come through. And for Uncle Nearest, sooner would be better.
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