Posted 2/23/2024, 6:08:00 PM
Alcatraz Cruise Operator Files for Bankruptcy Due to Pandemic Losses
- The Hornblower Group, which operates Alcatraz tours, has filed for bankruptcy due to COVID-19 losses and rising interest rates
- The company takes 1.7 million visitors on Alcatraz cruises annually and had a 2019 contract with the National Park Service
- COVID restrictions caused the company's revenue to drop from $690 million in 2019 to $175 million in 2020
- As part of a restructuring plan, an investment firm will acquire a majority stake in Hornblower and reduce its debt
- The company estimates the bankruptcy will last around 4 months and won't impact Bay area operations