Written on July 28, 2011
The franchise owner of local Chevys Fresh Mex restaurants has filed for bankruptcy and plans to shutter a store at the St. Louis Mills mall in Hazelwood.
The closure of the Hazelwood Chevys, which is expected to occur in the next few days, follows T&J Restaurants? closure of the Chevys in Columbia, Mo., earlier this week.
T&J Restaurants, which owns seven local restaurants and is based in O?Fallon, Ill., filed for Chapter 11 bankruptcy in the Southern District of Illinois on July 21.
In its bankruptcy filing, T&J lists $7.7 million in liabilities and $2.8 million in assets.
T&J?s workforce of 450 will drop to between 350 and 375 because of the closure of the two Chevys locations.
The remaining six restaurants will remain open while the company seeks to renegotiate some of its leases, said T&J?s managing member John Whicker, who lives in St. Charles. ?It will be business as usual,? he said.
Robert Eggmann, T&J?s attorney, said high rents at three of the Chevys restaurant properties
Source: http://economicsurveys.com/local-chevys-franchisee-files-for-bankruptcy/
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