Posted on 05/29/2015 4:41:37 PM PDT by 2ndDivisionVet
Langermann’s of Baltimore LLC has filed for bankruptcy after the recent unrest in Baltimore knocked the restaurant’s finances too far out of balance.
The Canton restaurant, which opened in the Can Company building in 2009, filed for Chapter 11 bankruptcy on May 20 in U.S. Bankruptcy Court for the District of Maryland. The restaurant is open and the owner says he has no plans to close it.
Dave McGill, a partner in Langermann’s, said the restaurant had struggled with cash flow problems, but the protests, riots and curfew following the death of Freddie Gray exacerbated those issues. The restaurant owes more than $1 million total to its 20 largest creditors, according to court documents.
In the 10 days from April 24 — the Friday before the April 27 riots — until the curfew was lifted May 3, the restaurant generated about a third of the revenue it normally would. Typically during those 10 days, Langermann’s would have done between $65,000 and $70,000 in sales; instead the restaurant only made between $20,000 and $25,000, McGill said.
“There were some cash flow issues, but we were working into generally what’s one of the strongest periods of the year for us,” McGill said. “This was pretty much the icing on the cake as far as trying to manage that cash flow.”(continued)
(Excerpt) Read more at bizjournals.com ...
Is anyone surprised by this.
I’ve eaten there often. The company I work for is in the American Can Company building. Excellent Prime Rib sandwich.
No surprise though. Nobody in their right mind will go to Baltimore for pleasure now.
The savages won’t be happy until there isn’t a store or service available in their own backyards.
Now they are turning on each other. And the cops are letting them.
Good.
Yah. Must’ve been the $15 per hour minimum wage that did it. /s
>>Nobody in their right mind will go to Baltimore for pleasure now.<<
It will be interesting to see if PONC* people go to Raventhugs games.
*People Of Non Color.
anyone know if business interuption insurance covers riots?
>>“We have no intention of going anywhere,” McGill said.<<
They will be gone in 6 months.
the ravens are no different than any other nfl team. get a life.
Maybe he can save the business by raising the minimum wage? Ya’ think?/s
>>the ravens are no different than any other nfl team. <<
They are thugs who play dirty every opportunity. NOT like any other NFL team (except maybe the eagles).
The left is happy anytime a capitalist venture fails.
right. get a life.
This guy files bankruptcy and his suppliers don’t get paid. Try that scenario a few more times and hussein’s hope and change will be completed.
My wife will be there.
Interesting. The problem is apparently the “continued perception of violence”, not the ACTUAL massively increased violence and doubled homicide rate since the mayor demanded the police provide plenty of “space to destroy, after all it’s just property”, and then the state’s attorney arrested a gaggle of police who were doing their job for “false imprisonment”. Nope, it’s simply the “perception” that’s the problem. Well, good luck with that. Maybe you should just take out some more newspaper ads to, you know, try to change the perception.
Yes, I'm surprised they made $20,000 in ten days.
Since that was their sales revenue and not their profit...
$2,000 in sales average in 10 days means they aren't bringing in enough to pay their utilities, let alone their rent...
Indeed.
The mayor and cronies will walk off walk off with thousands, if not millions, in future payoffs for spouting the racism drivel.
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