Popular South Stratford Road restaurant filed for Chapter 11
Posted on Thursday, September 8th, 2016 at 4:28 pm
A Chapter 11 Bankruptcy protection was recently filed by the popular Cities Bar and Grill Inc. so they could reorganize the business, a September 7 article in the Winston-Salem Journal reported.
Though the restaurant owners did not issue a statement regarding the filing, reports confirmed that company Vice President Sammy Ballas had submitted the bankruptcy papers on August 25. The U.S. District Court has set a December 23 deadline for the Cities Bar and Grill owners to submit a reorganization plan. The filing revealed that the restaurant is struggling with their finances. The company had listed $3.29 million worth of assets and $3.01 million in liabilities. The gross revenue of the restaurant has since plummeted in 2014.
The Raleigh lawyers at the Bradford Law Offices, PLLC represent business owners who have decided to file for bankruptcy for them to have a financial relief. If your business is having a hard time, we may offer you legal options for you to possibly make strategy adjustments needed to bounce back to the market. Call us today at (919) 758-8879 to learn more about your legal options.