In a move that was sure to disappoint fans of the famous San Francisco original, Tadich Grill in the nation’s capital have closed their doors for good. The owners of the satellite location filed for Chapter 7 bankruptcy after controversy surrounding family politics allegedly hurt their business. Here in Connecticut, the same opportunity to reduce or even wipe out debt exists for business owners facing struggles of their own.
Business news local to the restaurant reports the satellite location opened back in 2015 to much fanfare, as the original west coast location remained extremely popular. Unfortunately, a widely-publicized rift between the company’s owner and his daughter led to bad press in social media circles. This is the issue company ownership has blamed for flagging sales mere weeks into the restaurant’s business life.
The bankruptcy filing, filed at a U.S. Bankruptcy Court on Jan. 31, lists the franchise’s assets and liabilities between $1 million and $10 million. The largest creditors are not listed in the filing, but it has been confirmed that the franchise owes money to some 50 different sources. It is unknown at this time whether the filing will have any effect on the parent restaurant on the west coast.
While it is doubtless disappointing for business owners to see new ventures not meet expectations, as some Connecticut residents can attest, there are thankfully options that allow owners to recoup their losses. By filing for Chapter 7 bankruptcy, the company liquidates assets to pay down creditors, and the court is in a position to forgive some or even all unsecured debt. This will allow company ownership to try their hand again in another state, if they so desire, or focus strictly on their home base enterprise.
Source: Washington, DC BizJournal, “A sad ending for D.C.???s troubled Tadich Grill“, Rebecca Cooper, Feb. 5, 2018