1.01.10...When Nothing Will Surprise You Anymore
(Crain’s) — Local bar and grill chain Boston Blackies is seeking Chapter 11 bankruptcy protection from creditors after an ambitious expansion plan that was fried by the recession.
Boston Blackies Management Co., which has eight locations in the Chicago area, list debts of $6.4 million against assets of about $17,000, according to a petition filed Nov. 24 in U.S. Bankruptcy Court in Chicago. The chain’s largest creditor is General Electric Capital Corp., which is owed $5.6 million, according to the petition.
The restaurants remain open despite the Chapter 11 filing.
Owned by the Giannis family, Boston Blackies charges $7.49 for a half-pound cheeseburger. But restaurants across the board are struggling right now, whether high-end or moderately priced, says Allen Joffe, principal at Chicago-based retail real estate brokerage Baum Realty Group LLC.
The restaurant chain’s Chapter 11 filing is “surprising, they’re a pretty good operator,” Mr. Joffe says. “But on the other side of the coin, nothing much is surprising me anymore.”
When Billion Dollar Frauds are NOT SURPRISING
When Countries Devalue currency 100X is NOT SURPRISING
When Electrical Plants Shutting Down is NOT SURPRISING
When Multi Trillion Dollar deficits are NOT SURPRISING
When Nations Are Insolvent is NOT SURPRISING
When Few are Hiring is NOT SURPRISING