Popular southern rock band Lynyrd Skynyrd’s Las Vegas restaurant has filed for Chapter 11 bankruptcy.
Lynyrd Skynyrd BBQ & Beer, located on the Las Vegas strip, filed for bankruptcy last week only two months after opening. “Although Lynyrd Skynyrd was not the proprietor of the restaurant, the band licensed their name and likeness for the ‘BBQ and Beer style’ concept. Unfortunately, the project was launched during a downturn in the economy,” the band said in a statement.
The statement added, “The band was not involved in the day-to-day operations of the property [but] the band and management are very disappointed the venture did not have a positive result.”
According to court documents, Lynyrd Skynyrd BBQ & Beer owes $677,000 to creditors. Typically, through Chapter 11 bankruptcy, a business is able to retain control of its day to day operations and remain open while looking for potential buyers; however, a U.S. Bankruptcy judge denied the restaurant’s request to remain open during a hearing last week due to issues over the restaurant’s lease.
Like a Chapter 7 or Chapter 13 bankruptcy, Chapter 11 bankruptcy provides an automatic stay from creditors and stops foreclosures and evictions, lawsuits and the repossession of business property.
If you are struggling through hard times, our Washington DC and Maryland bankruptcy attorney can help you with a free consultation if you fill out the contact form on this website or call (202) 483-6070 to schedule an appointment. We can offer you the best solution for whatever your debt issues may be.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy lawyer
