Underground Cellar Shut down, Underground Cellar Bankruptcy
Very sad news for all customers with inventory being held by Underground Cellar – after 10 years of operation, they ceased operations April 24, 2023 and have filed for a Chapter 7 bankruptcy. We were customers for five years and suffered through their many operational issues, but were particularly shocked as things seemed to have been going smoothly on the customer side for the last year or more.
VERY IMPORTANT UPDATE – ACTION REQUIRED!!!
The short story – customers can elect to pay fees (21% of the amount you paid) plus shipping (full retail – $35/case local up to $100/case east coast) and have their wine delivered, but you must act by December 8th! LastCallCapital.shop is handling the distribution to customers – log on ASAP if you are interested!
Background –
Briefly, a lender claimed the customer-purchased inventory had been pledged as collateral, and was fighting to claim it all. Some customers formed a group and hired an attorney, and both sides decided it was better to agree to “split the baby” themselves rather than risk the bankruptcy judge ruling against them and ending up with nothing. So, yes, it is galling paying an additional 21% of what you paid (and if you pay by credit card, you pay the 3% credit card fee), and the shipping fees are full on retail, but if you have some good buys, you might want to consider it.
Bummer being in the crosswinds, but lesson learned (again), take custody of what your purchase!
(Updated March 2022)
Enjoy gaming experiences, but wondering, is Underground Cellar legit? Check out this Underground Cellar review, based on our 4 years experience. Their business model is a basic one – purchasing select inventories of close-out wines. The “unique selling proposition?” Continue reading “Nov 2023 – Underground Cellar Review – Bankruptcy, Action Required”