Multiple media outlets have reported that Republic National Distributing Company (RNDC) has filed for chapter 11 bankruptcy.

Vinepair.com reported today that what once was the second largest liquor distributing company in the U.S. filed yesterday in the Southern District of Texas. The company confirmed the filing in a published statement.

RNDC said the purpose of filing chapter 11 was “to explore potential sale transactions in court and implement an orderly wind down of our remaining operations.”

The company has been selling off contracts for the past year. The statement also noted that the filing involves joint ventures and not the parent company – for now, New York, Illinois, Ohio, Michigan, Indiana and Kentucky are not part of the filing.

“This decision was not made lightly,” RNDC said in the statement on its website. “Over time, our industry has evolved, consumer preferences have shifted and the wholesale environment has grown increasingly challenging.

“The court-supervised process is intended to give us the time and flexibility to continue working with parties that have expressed an interest in acquiring our other markets and conduct an orderly wind down of our remaining operations.”

Finally, Republic stated that it will remain financially able to fulfill its agreements with existing markets through the court proceedings.

“We thank our suppliers and customers for their patience and support,” RNDC said. “We are incredibly grateful to our associates for their dedication and commitment to our company, our suppliers, our customers and each other.”

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