Monarch Details Employment Changes Amid Acquisition
Monarch Beverage is headquartered in Indianapolis. (photo courtesy of Monarch Beverage)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Monarch Beverage has filed a notice with the state saying 633 employees will be laid off in December. The notice comes less than three weeks after the beer distributor said it would be acquired by Illinois-based Reyes Beer Division. However, Reyes says it plans to employ most of the affected workers once the acquisition closes.
In the WARN Notice, which is dated October 5, Monarch said the acquisition is expected to close on December 11, at which point their employment with Monarch will end. However, when the acquisition was announced, Reyes Beer Division said Monarch’s employees would be brought on board.
In an email to Inside INdiana Business, Monarch Chief Executive Officer Phil Terry said, “We expect that a very high percentage of the existing employee population will be reemployed by Reyes Beer Division upon the closing.”
Reyes Beer Division owns and operates more than a dozen beer distributors across six states and the District of Columbia. Financial details of its acquisition of Monarch were not disclosed.