Los Angeles, CA – Pacific Ventures Group, Inc. (OTC:PACV), a consumer-centric distribution company specializing in food, beverage, and alcohol-related products, announced today that it has filed for bankruptcy.
The decision to file for bankruptcy was made after a thorough review of the company’s financial position and prospects. Despite the efforts of Pacific Ventures Group’s management team to improve the company’s financial performance, it has been unable to generate sufficient revenue to meet its obligations.
Pacific Ventures Group’s bankruptcy filing is a difficult but necessary step to protect the interests of its stakeholders, including suppliers, creditors, employees, and shareholders. The company intends to work closely with all parties involved to ensure that the bankruptcy process is conducted in a fair and transparent manner.
“Unfortunately, despite our best efforts, we have been unable to turn around the company’s financial performance,” said Shannon Masjedi, CEO of Pacific Ventures Group. “We are committed to working with all stakeholders to achieve the best possible outcome in this difficult situation.”
Pacific Ventures Group’s bankruptcy filing will not affect the availability of its products to customers. The company will continue to operate during the bankruptcy process, and its products will remain available through its distribution channels.
Pacific Ventures Group was founded in 2012 and has since become a leading distributor of food, beverage, and alcohol-related products. The company’s products are distributed throughout the United States and internationally.
The bankruptcy filing is a setback for Pacific Ventures Group, but the company remains committed to its mission of providing high-quality products to its customers. The company believes that it can emerge from the bankruptcy process stronger and better positioned for future growth.
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC:PACV) is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of operating subsidiaries, Pacific Ventures delivers specialty groceries, top quality proteins and produce, and innovative products to consumers through wholesale, retail, and direct-to-consumer channels.