Restaurant chain Chicken Out Rotisserie has filed Chapter 11 bankruptcy in the District of Maryland Bankruptcy Court.
According to the Baltimore Business Journal, the eatery’s debts are far in excess of its assets – the company owes at least 50 creditors between $10 million and $50 million, while its assets are worth merely $ 1 million to $10 million. The debt includes over a half a million dollars in unpaid sales tax and a $7.8 million debt owed to the company’s President and CEO, Richard Hindin.
The restaurant chain has 10 locations in the Washington Metro Area, claiming to serve a healthier comfort food using organic and fresh ingredients. A Chapter 11 means that the company will try to reorganize and restructure, hoping to stay in business and emerge from the bankruptcy leaner and stronger.
