Piccadilly Cafeteria is a mainstay for many of its patrons. The popular Florida location has recently closed its doors due to a Chapter 11 bankruptcy filing. Reportedly, this decision was based on 'aggressive legal' maneuvers by the restaurant's lender, Atalaya Capital Management.
When a business undergoes a Chapter 11 bankruptcy, it seeks to reorganize the debt based upon a plan submitted to the bankruptcy court. If the court approves the reorganization, a business will normally have a minimum of two years, and sometimes up to five, to meet the terms of its plan. Once this occurs, the business will emerge from the bankruptcy, many times in a much stronger position financially. The closure of this Florida restaurant appears to be part of the plan to restructure Piccadilly and allow the company to continue operating.
The regional manager, Frank Frantom, states that they will do their best to place all of the displaced 13th Street location employees at other restaurant locations. Frantom also stated that a restaurant closure is the last resort, but is a necessary decision to ensure the continuity of the Piccadilly brand. Many businesses in the restaurant industry have reported that things have been getting harder over the years and that many restaurants have been coming and going not just in Florida, but all over the nation.
With the current state of the economy, businesses in Florida and all over the nation have filed Chapter 11 bankruptcy in order to rid themselves of debt and restructure their companies in order to survive and continue operating. Filing for bankruptcy may be the responsible approach to take for any business in the restaurant industry or any other industry that is struggling to pay its bills. A successful proceeding allows businesses to survive and prosper in a poor economy. Business owners considering a Chapter 11 bankruptcy may wish to consult a knowledgeable person in order to help them understand their options and begin the process.
Source: The Independent Florida Alligator, "Piccadilly closes 13th Street location due to bankruptcy," Kathryn Varn, Oct. 9, 2012
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