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Archive for the 'Chapter 11' Category

Trustee says Don Coqui restaurant was losing money

April
8

The trustee appointed to oversee the bankruptcy of Don Coqui Restaurant in New Rochelle closed the restaurant March 19 because it was losing money, the trustee’s lawyer told a judge today.

Peter Zisser said that for each $1 in sales, the restaurant, formerly known as MacMenamin’s Grill, was spending $1.10 to $1.15.

“It didn’t help to keep the restaurant open anymore,” Zisser, who represents trustee Robert Geltzer, told U.S. Bankruptcy Judge Adlai S. Hardin Jr. in White Plains. “It would have kept losing money.”

Zisser also disclosed that a number of employees were not paid for the work they performed during the week before the restaurant closed. Some of that money is in the form of tips that they earned, he said. Those tips are “embedded” in credit card payments the restaurant received, he said.

Geltzer’s decision to close the restaurant last month drew criticism at the time from the lawyers representing owner Brian MacMenamin and investor Jimmy Rodriguez. They said Geltzer pledged to let the restaurant stay open if Rodriguez could come up with $150,000 but then changed his mind.

The restaurant filed for bankruptcy protection last November after being hurt by the recession and delays in getting a state license for a cooking school at the site.

Posted by Allan Drury on Wednesday, April 8th, 2009 at 11:15 am |
| | Comments Off on Trustee says Don Coqui restaurant was losing money

Linens ‘n Things to close Port Chester store

July
29

The Linens ‘n Things store in Port Chester is among 57 underperforming stores the struggling retailer will close as part of its reorganization, Linens Holding Co. said yesterday.

The number of stores slated for closure is 30 less than the 87 the  Clifton, N.J.-based retailer previously disclosed as part of its ongoing restructuring, it said.

The company filed for Chapter 11 bankruptcy protection in May.

“The reduced number of store closings is the result of improvements in the outlook for these stores throughout the remainder of 2008 into 2009,” Michael F. Gries, chief restructuring officer and interim chief executive, said in a written statement.

In the Lower Hudson Valley, the company also operates stores in New Rochelle and Brewster.

The fate of the workers at the Port Chester store wasn’t immediately known.

Posted by David Schepp on Tuesday, July 29th, 2008 at 4:43 pm |
| | Comments Off on Linens ‘n Things to close Port Chester store

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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