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Posted On: March 17, 2010 by Scott Sagaria

On St. Patrick's Day: Blackie's Lack of Green

San Francisco Bankruptcy Attorney comments on Boston Blackie’s bankruptcy filing:

Since it's St. Patty's Day, I could not resist discussing something green, or rather the lack thereof - even though by all means it is no laughing matter. The fact that it involves actual "pattys," well that's just dumb luck. Boston Blackie’s, the Chicago-based hamburger chain, recently filed chapter 11 bankruptcy. The company reported that they have over $6 million in debt, compared to only $17,000 in assets. There are currently eight Boston Blackie’s locations in the greater Chicago area. Their largest debt is $5.9 million owed to General Electric Capital Corp. Their other debts included $84k owed to the IRS, $200k owed to Charter One, and $95k owed to Peerless Building Partnership.

The company has faced financial hardship after they decided to take on rapid growth. They had two locations that were successful for about 20 years, at which point they decided it was time to expand. Apparently the six extra locations they opened up were more than they could handle, as they found their cash flow running out. Some employees even had paychecks bounce, but fortunately they will be paid soon and the restaurants will continue to operate normally.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy , Creditors and Debt

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