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And Another Another One Bites the Dust!

By Joseph McDaniel, Esq.

So after I'd resigned myself to no lunch at Pick Up Stix  on Camelback, which had closed, just like Lazy Lous' Fish and Chips and Fuddruckers before it, I figured I could handle a little Italian at Meatballz, which had a particularly nice staff.

A little heavy on the garlic, but I figured I could stock up on peppermints and nobody would notice during the afternoon.

But noooooooooooooooooooooo again!

It, too, had closed.

In a lot of cases when a restaurant closes, you can figure that some poor guy someplace has filed a bankruptcy, even if the corporation or the limited liability company that owned the restaurant did not. Because some poor guy personally guaranteed the lease, the loan for the restaurant equipment and remodel, and the other debt associated with the failed business.

And that makes me sad; on the other hand, after the bankruptcy discharge is entered, the poor guy gets to move forward and start over, and he may decide to open another restaurant.

Or to manage one.

p.s. when restaurants in the richest section of Phoenix, near the Arizona Biltmore Resort and the Biltmore Shopping Center, start dropping like flies, you know one thing for sure: this is a Depression. 

Full post as published by Arizona Bankruptcy Attorney Blog on January 19, 2011 (boomark / email).