Napa: Amazingly, the gyre keeps widening at Copia, and it doesn't look like the center won't be holding for much longer. The latest in the mess is that interim CEO Garry McGuire—the public face who attempted to give Copia some direction over the past few months—has resigned after the most recent hiccup, last week's failure to procure the $2 million loan. McGuire took his position back in March, and soon thereafter announced a litany of ways for the struggling center to become profitable, new expansion plans to San Francisco and the creation of "the world's largest tasting room." Suffice to say, those did not come to pass during his tenure.
As for Copia's next step, the (remaining) powers that be say that they are "heading toward a quiet financial wind-down and a liquidation of its assets." Since the $2 million loan fell through, Copia says it is now focused on paying its outstanding debts to its employees and its creditors (all 369 of them).
· Complete Copia Bankruptcy Coverage [~ESF~]
· Copia CEO resigns amid bankruptcy [NVR]