A Chapter 7 bankruptcy generally involves liquidation, but it doesn't necessarily mean the end of the businesses or brands connected to the person or business who filed.
Big Lots, for example, filed for Chapter 7 bankruptcy and was liquidated, but some of its stores and the right to use its name were sold to Variety Wholesalers. That transaction gave Variety Wholesalers the right to reopen between a quarter and half of the chain's roughly 800 stores.
In many cases, however, in a Chapter 7 filing, the brands go away. When it comes to Nick Pihakis, who owns Pihakis Restaurant Group, it's unclear whether any of his company's many restaurants, some of which have already closed, will survive.
The case was filed by Pihakis individually, not by Pihakis Restaurant Group or any affiliated LLCs. Huntsville attorney Kevin Heard of Heard Ary & Dauro is representing Pihakis.
Pihakis has a long list of creditors that has gotten longer since TheStreet last reported on his situation in May.
#wholesalers #heard #brands
Big Lots, for example, filed for Chapter 7 bankruptcy and was liquidated, but some of its stores and the right to use its name were sold to Variety Wholesalers. That transaction gave Variety Wholesalers the right to reopen between a quarter and half of the chain's roughly 800 stores.
In many cases, however, in a Chapter 7 filing, the brands go away. When it comes to Nick Pihakis, who owns Pihakis Restaurant Group, it's unclear whether any of his company's many restaurants, some of which have already closed, will survive.
The case was filed by Pihakis individually, not by Pihakis Restaurant Group or any affiliated LLCs. Huntsville attorney Kevin Heard of Heard Ary & Dauro is representing Pihakis.
Pihakis has a long list of creditors that has gotten longer since TheStreet last reported on his situation in May.
#wholesalers #heard #brands
3 months ago
