SAN FRANCISCO (AP) — San Francisco’s 127-year-old Anchor Brewing Co. will shut down after years of declining sales, citing tough economic conditions.

“We recognize the importance and historic significance of Anchor to San Francisco and to the craft brewing industry, but the impacts of the pandemic, inflation, especially in San Francisco, and a highly competitive market left the company with no option but to make this sad decision to cease operations,” spokesperson Sam Singer said in a written statement Wednesday.

Anchor said that it made repeated efforts over the past year to find buyers for the brewery and its brands, but that it was unable to find one. The company said that it is still possible that a buyer will come forward as part of the liquidation process.

Anchor recently announced that it would limit sales of its beers to California and that it would cut production of its Anchor Christmas Ale, a popular beer in many parts of the country, in an effort to cut costs.

The company has stopped brewing and will continue packaging and distributing the beer on hand while available or through around the end of the month.

Anchor Public Taps will remain open temporarily, selling remaining inventory, including a small volume of 2023 Anchor Christmas Ale, which was brewed prior to the company’s recent decision to cancel the nationwide release.

The brewer is giving employees a 60-day notice and plans to provide transition support and separation packages.