Sapporo closed Anchor Brewing and announced a transfer of Stone’s brand assets

In August 2017, Sapporo Breweries acquired Anchor Brewing, the 127-year-old San Francisco craft brewery, for approximately $85 million. Five years later, in June 2022, Sapporo bought Stone Brewing of Escondido, California, for $165 million. The two acquisitions represented a bet that a Japanese brewer could reverse the fortunes of American craft beer brands.

The bet failed. Anchor Brewing's sales declined throughout Sapporo's ownership, worsened by the pandemic's impact on bars and restaurants. In July 2023, Sapporo announced Anchor's closure and liquidation, ending a brewery that had operated since 1896. Stone Brewing lasted longer but posted a $91 million impairment charge on goodwill in early 2025, less than three years after acquisition.

In April 2026, Sapporo announced the transfer of Stone's brand assets to Firestone Walker, owned by Duvel Moortgat, alongside an additional $80 million impairment on the Escondido plant. Sapporo's total US craft beer spend of roughly $250 million returned a $23 million gain on asset transfer and two shuttered or divested brands.

Anchor closed in 2023. In April 2026, Sapporo announced a transfer of Stone brand and hospitality assets, with an expected accounting gain of approximately $23 million. The transfer price was not disclosed; the gain is not total sale proceeds.

US craft beer volumes peaked around 2015 and declined thereafter; Sapporo bought into a category already in contraction.

Anchor and Stone were regional brands with ageing customer bases; acquisition did not fix their distribution or product-market fit.

Sapporo managed both brands from Japan without a clear integration plan for the US market.

The pandemic accelerated the decline of on-premise beer sales, hitting Anchor's restaurant and bar distribution hardest.

Acquiring brands in a declining category does not reverse the decline — it imports the problem at a premium.

Sapporo is concentrating US production at its Richmond, Virginia plant and focusing sales on four states: California, Texas, Florida, and New York. The company expects the US business to reach positive EBITDA in FY2026.