Guillermo's, a local Italian restaurant chain, has filed for Chapter 11 bankruptcy as a strategic move to reorganize and avoid closing one of its two locations. The decision was influenced by the impact of the COVID-19 pandemic and fluctuating business growth.
– Local Italian restaurant chain Guillermo’s filed for Chapter 11 bankruptcy, but ownership says the decision was a strategic one that will allow it to reorganize and avoid shuttering one of its two locations.
The organization’s attorney, William R. Davis Jr. of Langley & Banack Inc., on April 8 submitted a voluntary petition for Chapter 11 bankruptcy with the Western District Court of Texas, court records show.Guillermo’s, like the majority of restaurants, was impacted by the COVID-19 pandemic in 2020. The restaurant had expanded with a second location on Austin Street near the Broadway corridor at the time, capitalizing on the market then.
The business also faced other factors, like over $100,000 in fines from the Department of Labor for overtime issues that have since been corrected and property taxes that have increased by over $40,000 per year. The decision to file for bankruptcy was not an admission of defeat or a decision to walk away. Instead, it was the best option for the organization to move forward and maintain its two locations, and to avoid closing down like“I didn’t want to shut the Austin Street location; people love it too much.” Guillermo’s President William Garza told the Business Journal.
Guillermo's Italian Restaurant Chapter 11 Bankruptcy Reorganization COVID-19 Business Growth
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