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Monday, April 25, 2011

Creative Destruction at Virginia Wineries

Joseph Schumpeter‎ referred to it as "Creative Destruction" - the fact that even in growing economic conditions, companies cease operating - for many reasons. Sometimes companies make unsound business decisions. In others, the owners simply retire. And although the number of Virginia wineries is growing from year to year, a couple wineries will be closing in 2011. And this doesn't include Sweely Winery Estate and Kluge Estate Winery, who's futures are uncertain because of foreclosure proceedings. Sure Trump purchased Kluge, but there is no telling if the winery will resurface.

A few years back, the very first Virginia winery we ever visited, Oakencroft, closed as the owners retired. This year, MistyRay Winery (Harrisonburg) and White Fences Vineyard & Winery (Irvington), are closing for similar reasons. MistyRay will close on June 30thso that Phil can dedicate more time for golfing. At White Fences, Bill & Susan Westbrook are closing as soon as the entire inventory is liquidated. No more Meteor. So here's your last chance to grab these wines and we wish the owners a long & healthy retirement.

1 comment:

TNWT said...

In the cycles of business, it is sad to see hidden corner wineries pass. I'm glad we met Phillip Kreider and his MistyRay Norton and Rhubarb wines. What a nice memory it was being invited into their home winery.