Popular South Jersey Winery Files For Bankruptcy Protection
By David Madden
EGG HARBOR CITY, N.J. (CBS) - They've been in business for 150 years, but Thursday, a popular South Jersey winery, golf course and resort filed for Chapter 11 bankruptcy protection.
The Renault Winery may be on the outskirts of Atlantic City, but COO Dennis Del Vecchio insists the facility will remain open while they address the debt caused by a downturn in business brought on by Hurricane Sandy and the recession that preceded it:
"We are committed to making this company viable and stronger than it was before and we felt that taking this position will give us that opportunity."
They hire upwards of 150 people during busy season -- about half of that year round.
While he's unsure how long Renault may be in bankruptcy -- a word Del Vecchio hates to use, he promises everyone will be made whole in time and the winery will be there for years to come.
