Cory Forster remembers clinking glasses with his business partner to cheers at the fifth anniversary of Bakers’ Brewery not all that long ago. Opened in March 2015, the restaurant was finally bringing in enough revenue to pay out some dividends to their investors.
In the moment, Forster and his partner thought they were celebrating a new beginning, but just 10 days later an event heralded what would be the beginning of the end.
The COVID-19 pandemic had hit Colorado and Gov. Jared Polis ordered the closure of restaurants.
Three years later, at the end of September, Bakers’ Brewery found itself being forced to close its doors permanently. Forster said a perfect storm of bad events took down the Silverthorne establishment and owners could not justify keeping the place afloat.
Bakers’ Brewery saw a glimpse of hope following the peak of the pandemic. Paycheck Protection Program loans held them over for a while and Forster introduced a live music program that momentarily brought more business.
There was some optimism in 2021 after people returned to in-restaurant dining after months of lockdown restrictions — Forster said the restaurant had a waitlist for dinner five days a week. More recently the restaurant was seeing a waitlist only one or two days a week.
The establishment would subsequently go through a series of events that drained them financially. The pandemic and inflation’s impact on the supply chain saw the prices of everyday ingredients skyrocket.
“The cost of fish doubled and the cost of chicken tripled. The cost of cheese went up like 50%,” Forster said. “We kept raising prices, but the cost just kept going up.”
Forster also noted that minimum wage increase for tipped employees throughout the last couple years also contributed to difficulties with financials for the company. These mandated increases added more costs to the benefits the company already paid for including job training and reimbursements for continuing education.
Then the establishment would then receive one final unexpected knock yet that would serve as its pivot hardship: the business boom in Silverthorne, which has provided more options for diners in town.
“Silverthorne just started booming and filling up with new establishments,” Forster explained. “I’d say 10 or 12 new restaurants, bars, and, you know, venues and entertainment venues within 2 miles.”
Although it cannot be pointed to as concrete evidence, Forster also said a recent shift away from beer over the last couple of years may have contributed to a decrease in business.
“More and more people are going down the gluten-free path, or just trying to cut calories in general. Those beautiful calories, and gluten is what our business runs on,” Forster said.
Bakers’ Brewery officially closed its doors on Sept. 30, leaving 25-30 employees unemployed.
“We as owners just decided to draw the line and quit while we’re ahead,” Forster said.
Former customers and friends will be able to find Forster bartending at JJ’s Rocky Mountain Tavern in Copper Mountain’s East Village this winter.
