Billson's is set to slash jobs in Beechworth, with the cost of living, energy prices and taxes cited as reasons for the "devastating but necessary" move.
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The company, established in 1865, has told staff of the changes.
Those behind the business did not say how many jobs would be lost, with the company still working through the process.
A statement from director Nathan Cowan on Tuesday, February 27, said the business was dealing with the third highest spirit tax in the world, and high energy, freight, raw material and ingredient costs.
Mr Cowan also said consumer behaviours had changed as a result of cost of living pressures.
"As a regional Australian family business, it's critical we re-calibrate our operations to ensure our long term competitiveness in a category dominated by large foreign owned multinationals," he said.
"These changes have undoubtedly impacted the team, and in turn, will impact the Beechworth community and the wider region.
"It's a devastating but necessary response.
"We will continue to provide support to our team through this difficult process."
Mr Cowan said the business had worked to "revitalise" the business in the past six years and had turned the historic brewery into a "vibrant tourist destination".
"We are proud of our achievements in both of those areas," he said.
"We continue to experience tremendous support from our retail partners, and together we remain committed to delighting our consumers all over the country."
A job fair was held in a bid to add 50 staff to the business.
Indigo Shire mayor Sophie Price said she was saddened to hear of the job losses.
"We have no doubt the decision to cut staff numbers wasn't an easy one and our thoughts are with impacted staff," she said.
Beechworth Inc president Katrina Witherow said those behind the company had built a solid business.
"It's probably one of the largest hospitality employers in the area besides Bridge Road Brewers," she said.
"You don't like to hear of anything like that happening to a business in the region.
"Unfortunately this is a sign of the times.
"The times are really tough, people are finding the economic downturn challenging.
"It's very sad and very unfortunate."
The exact number of staff at the site is unclear, however documents from a 2020 development dispute stated there were 25 full time equivalent staff at the time, up from 2.8 full time positions in 2017.
"By any measure, it is a significant employment generator for the local area and broader region," lawyer Kate Morris said at the time.
Other data puts the 2024 staff numbers at closer to 70.
