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The uncertain future of the Uncle Nearest whiskey brand, a prominent Black-owned spirits company, raises concerns about the challenges facing minority-owned businesses in the alcohol industry.Shelbyville Today
The court-appointed receiver for the Uncle Nearest whiskey brand, Phillip G. Young Jr., has informed a federal court that the company is insolvent and at risk of being forced to close within 30 days without ongoing lender support. Young cited unfiled tax returns, unreliable financial records, and over $108 million in defaulted loans as factors contributing to the company’s precarious financial situation.
Why it matters
The potential shutdown of Uncle Nearest,…