Two weeks after celebrating its 40th Oktoberfest, the Covington organization that runs the festival announced that it is filing for bankruptcy protection.
The MainStrasse Village Association, which also runs Covington’s Maifest and Goettafest, said in a news release Friday that it is insolvent after losing more than $100,000 because of bad weather during this year’s Oktoberfest.
“This year’s Maifest, Goettafest and Oktoberfest were plagued by variable weather that greatly impacted attendance and ultimately revenue,” the association said in a release. “...While Maifest and Goettafest both had impact to revenue as a result of weather, Oktoberfest’s weather resulted in a devastating blow to the organization.”
The MainStrasse Village Association said tens of thousands of dollars are needed for upfront expenses such as security, beer and insurance.
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The nonprofit said its board had decided to liquidate its assets under Chapter 7 bankruptcy.
The association said it has worked to promote tourism and run festivals in the neighborhood for more than 30 years.
The businesses in the MainStrasse Village neighborhood will keep operating as usual, the association said.
The historic neighborhood is anchored by the Carroll Chimes Bell Tower and is known for its eclectic shops and restaurants.