Posted on 05/29/2015 4:41:37 PM PDT by 2ndDivisionVet
Langermann’s of Baltimore LLC has filed for bankruptcy after the recent unrest in Baltimore knocked the restaurant’s finances too far out of balance.
The Canton restaurant, which opened in the Can Company building in 2009, filed for Chapter 11 bankruptcy on May 20 in U.S. Bankruptcy Court for the District of Maryland. The restaurant is open and the owner says he has no plans to close it.
Dave McGill, a partner in Langermann’s, said the restaurant had struggled with cash flow problems, but the protests, riots and curfew following the death of Freddie Gray exacerbated those issues. The restaurant owes more than $1 million total to its 20 largest creditors, according to court documents.
In the 10 days from April 24 — the Friday before the April 27 riots — until the curfew was lifted May 3, the restaurant generated about a third of the revenue it normally would. Typically during those 10 days, Langermann’s would have done between $65,000 and $70,000 in sales; instead the restaurant only made between $20,000 and $25,000, McGill said.
“There were some cash flow issues, but we were working into generally what’s one of the strongest periods of the year for us,” McGill said. “This was pretty much the icing on the cake as far as trying to manage that cash flow.”(continued)
(Excerpt) Read more at bizjournals.com ...
Unintended Consequences are of no Consequence to the Left.
It will be interesting to see how that plays out. I would not take my family to a game in Baltimore at this time and it probably won’t be much better by September.
They are thugs who play dirty every opportunity. NOT like any other NFL team (except maybe the eagles).
You sound like a Pittsburgh fan. Is that you Ben Rapistburger?
>>You sound like a Pittsburgh fan.<<
I am from L.A. I get to root for anyone I want.
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