The economy has taken down another Santa Clarita institution.

The Loose Goose is no more.

The wine enterprise founded by Peter Goossens in 2003 that started out as a wild idea for a wine event unrivaled in Southern California – the Loose Goose Wine Festival – and expanded into projects as the Loose Goose Wine Society and The Cellar, with a prominent presence in Old Town Newhall, has called it quits.

[view:node_ad=5] “For now,” Goossens wrote in a letter to Wine Society members and the media.

The Festival did become one of the most well-attended events for wine lovers and those with gourmet tastes, attracting more than 9,000 visitors to the two-day celebration at Bridgeport Park last October.

The Loose Goose brand was everywhere – at the popular Taste of the Town benefit for the Child and Family Center; at arts events and productions of the Repertory East Playhouse and fundraisers for the Canyon Theatre Guild. Goossens produced a lively newsletter featuring fun and interesting wine information for Society members, from pairings with food to philosophies on when and where to drink. And more than 200 volunteers stepped up to help put on the festival every October.

But Goossens pointed out that community involvement and the production of large scale events takes sponsorships – something that has been drying up in these tough economic times.

“Our journey started six years ago with an idea and a very ambitious plan to conquer the wine world, one wine lover at a time,” Goossens wrote. “We made Santa Clarita our home base and set out to create a company that would raise the bar and reach for ultimate customer satisfaction, while trying to make a difference in the community where it operates.

“As a company, we spent the last 5 years creating a well respected luxury brand,” he continued. “Unfortunately, in this time of drastic economic downturn, the market for luxury items has been extremely impacted.”