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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Chapter 7 bankruptcy filed by restaurant

Bistro fans will be saddened to hear that Tastings Wine Bar & Bistro has closed its doors for good as of this report. The popular bistro location has faced considerable financial challenges in recent months, culminating in what South Carolina business owners know must have been a tough decision for owners to make. The parent company Tastings LLC announced it would be filing for Chapter 7 bankruptcy, which is currently being overseen by a court local to the business.

According to the bankruptcy paperwork, the company has claimed nearly $440,000 in assets, most of which are tied up in furnishings for the restaurant. The company also maintains box seats and season tickets for a local NFL franchise, the total value of which is estimated to be approximately $16,000. A Chapter 7 filing will liquidate those assets to pay down existing creditors.

The company owes in the realm of $260,000 in debt, the vast majority of which is a $225,000 lease termination with NPP Development LLC. The remainder of the outstanding balances are attributed to trade debt. The company has cited a weak economy and high employee turnover as two of the major reasons for the bankruptcy decision, and it has thanked its loyal customers of the last six years for their patronage.

In a struggling economy, leisure and entertainment venues are often hard-hit as people reprioritize their spending to a more frugal footing, a fact understood by most South Carolina residents. Unfortunately, in this case, Tastings was hit too hard to recover in its current incarnation. Fortunately, however, Chapter 7 allows the owners of the company to liquidate company assets without having to rely on their personal finances to satisfy debts. This increases the chances of the owners re-entering the market with a new company further down the line.

Source: bizjournals.com, "A Patriot Place restaurant closes, files for bankruptcy", Eric Convey, July 1, 2014

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