All-Indiana and Indianapolis Bankruptcy Lawyer
The locally popular Scotty’s Brewhouse has filed for Chapter 11 bankruptcy relief. This well known, locally-grown Indianapolis chain has been a popular Indianapolis and greater Indiana social landmark. At this point, the outlook may be bright. This local company plans to restructure and even eventually expand it’s national reach if all things go well.
At this time, three Indiana locations will be closing. These locations include the downtown Indianapolis, the Muncie, and also the Carmel establishment. Scotty’s is a locally-grown company had opened the first location in Muncie. The other several Indiana and Indianapolis-area locations will remain open. Another non-Indiana closing will also be occurring in Waco, Texas.
Scotty’s Holdings, LLC reasoning behind these closings was simple: the locations were not profitable with their current obligations. The restructuring powers of a Chapter 11 case were necessary in the company’s opinion in order to ensure a path to the future and profitability. These store obligations needed to be cut out of the picture to make this happen.
With this sort of business, things can change quickly. Many restaurant chains have recently entered Chapter 11 with uncertain futures. It is also probably not the easiest type of business to forecast accurately. However, it appears that a large-scale franchising expansion may still be the ultimate hope for this particular brand of Indiana fare. If all goes well, this local brand will still be available in Indiana and even other areas in the future in spite of the current Chapter 11 filing
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