Schade Owners File For Bankruptcy

The owners of the landmark Schade Towers have filed for bankruptcy protection.

Their attorney, John Munding, said last week’s petition for reorganization resulted from an ongoing dispute with United Security Bank.

The bank has withheld some of the money that was to be used to complete an overhaul of the former brewery, Munding said.

Without the money the project has not been completed, and several potential tenants had to be turned away, causing a cash crunch, he said.

“It’s an unfortunate situation,” Munding said.

The owners filed suit against United Security last September in Spokane County Superior Court alleging breach of contract.

Schade Towers, located at 528 E. Trent, was built in 1903. For most of its history the unique brick structure housed a series of breweries.