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Opening Too Many Eateries Causes New York Restaurateur to File Bankruptcy

Posted By Allmand Law Firm, PLLC || 17-Sep-2013

Jason-Denton

The owner of the Catalina Corsino Italina restaurant and other eateries located in Manhattan, Jason Denton, bit off more than he could chew by opening too many restaurants leading up to bankruptcy. His lawyer states the restaurateur opened too many eateries at a time when the economy was struggling due to the Great Recession.

Denton, a prominent New York chef and restaurateur, recently filed for bankruptcy protection with debt liabilities totaling roughly over $1 million. He owns various restaurants throughout the New York City area including 'inoteca located on the lower east side of the city, and Catina Corsino Italina located in the Meatpacking District. He began opening and expanding his eateries during a troubling time of the economy. His lawyer stated that he was over expanded when the financial crisis set it, meaning, his businesses took a hit as well.

In 1999, Denton opened a restaurant with celebrity chef Mario Batali called Lupa Osteria Romana located in West Village. Denton has had a few eateries close in the last year in this area and in Williamsburg. The filing will help in settling debt with creditors while he maintains other eateries that remain open. It is said the filing would not affect operations of the restaurants that are still open.

If you are a small business owner and considering options in how to regain control of business debt, review your options with an experienced bankruptcy attorney in Dallas-Fort Worth.

Reference: http://www.nydailynews.com/new-york/restaurateur-jason-denton-files-bankruptcy-article-1.1439825

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