Cities Bar and Grill seeks bankruptcy protection
Posted on Thursday, September 8th, 2016 at 6:51 pm
Winston-Salem-based restaurant “Cities Bar and Grill, Inc.” had recently filed for Chapter 11 Bankruptcy protection in the U.S. District Court, an article of Winston-Salem Journal reported on September 7.
Reports said, vice president Sammy Ballas on August 25 forwarded their bankruptcy papers and its owners were given a December 23 deadline to file their restructuring plan. Though the Ballas’ family did not comment on the bankruptcy filing, documents showed that they have liabilities worth $3.01 million, while their assets listed were $3.29 million. The bulk of the company’s debt, $2.91 million were in the form of secured property claims. The filing revealed that Cities Bar and Grill had started to experience a reduction in gross revenues since 2015.
The lawyers of the Bradford Law Offices, PLLC represent Fayetteville business owners who have decided to file for Chapter 11 Bankruptcy. We strongly believe that every person deserves to have a second chance to become successful with their chosen venture. Call our office today at (910) 668-0006 to find out how we may legally assist you in the filing process.