Village Inn restaurant files for bankruptcy amid – Business News
The operator of a Village Inn restaurant in Oldsmar, Florida, has filed for Chapter 11 bankruptcy safety after reporting more than $554,000 in liabilities, in response to court docket filings obtained by FOX Business.
VI Oldsmar LLC filed its Chapter 11 petition within the U.S. Bankruptcy Court for the Middle District of Florida on Sept. 18, electing to proceed below Subchapter V, which is a streamlined bankruptcy course of for qualifying small companies.
Court filings show the company listed about $72,335 in property and $554,076 in liabilities, with between one and 49 collectors.
Its property included about $5,235 in money, $15,000 in food and paper stock, $50,000 in kitchen tools and roughly $2,100 in workplace furnishings and tools.
The company’s largest collectors embody 3682 JAGS LLC, which is owed $250,000, the Florida Department of Revenue at $120,400, the Internal Revenue Service at $78,500, US Foods at roughly $40,301 and Sysco at $30,000, in response to court docket filings.
According to the Tampa Bay Business Journal, the franchisee has struggled with the lingering results of the 2024 hurricanes that struck the Tampa Bay area, together with declining restaurant gross sales and rising working prices.
The Oldsmar restaurant stays open and has no plans to close, an worker on the location informed The Street on Tuesday.
The Oldsmar submitting marks the fifth Chapter 11 bankruptcy by Village Inn franchisees operated by managing member Lloyd D. Lehan IV since June, in response to The Street.
A Florida Village Inn franchisee filed for Chapter 11 bankruptcy with over $554,000 in liabilities, marking the operator’s fifth submitting since June.
The newest submitting follows Bay Pines Group LLC’s Chapter 11 bankruptcy petition final month, court docket filings show.
Bay Pines Group, which is also owned by Lehan, operates the Village Inn on Bay Pines Boulevard in Seminole, Florida, The Street reported.
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Village Inn, which was based in Denver in 1958 as Village Inn Pancake House, now operates more than 100 company-owned and franchised eating places throughout a number of states, together with Colorado, Florida, Texas and Arizona, in response to its web site.
Village Inn, franchise operator Lloyd D. Lehan IV and the Oldsmar restaurant couldn’t instantly be reached by FOX Business for remark.
