This tactic along with the need to update the multitudes of smaller breweries the company had purchased, many of which had been poorly maintained, struggled with inefficiency problems and slumping sales sense prohibition lead the company to bankruptcy and dissolution in 1972 at which time the company and all of its assets were sold to G. Heileman of La Crosse Wisconsin.
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The Schmidt Artist Lofts, located in the West 7th Neighborhood of Saint Paul, Minnesota, United States, was originally built to brew beer for Schmidt Brewery.