Posted on Thursday, September 29th, 2011 at 3:55 pm
The restaurant, Pat & Oscar’s, has announced that they have filed for Chapter 7 bankruptcy. Although, they have filed to liquidate their assets, the franchises of the parent company have stated that they will remain open.
Pat & Oscar’s management took over in 2009 and there are now 11 locations, which are all franchised. The management has been trying to make the business more profitable for quite a few months, but it has not been enough to keep the parent company in business.
The future of each franchise is still in question without a parent company intact. The parent company of Pat & Oscar’s has liabilities of $4.1 million and assets of $331,459.
If you are financially unstable and not sure how to proceed, you need experienced representation on your side. Contact the Joliet chapter 7 bankruptcy lawyers of the Law Office of Stuart B. Handelman by calling 815-722-2201 today.