The Elephant Bar in Las Vegas is located in The District at Green Valley Ranch. Unfortunately, this prime location was not enough to keep the chain-restaurant above water, as it has made the decision to file for Chapter 11 Bankruptcy.
How Did They Reach Bankruptcy?
The Elephant Bar’s holding company, CM Ebar LLC, stated that it lost a minimum of $3.8 million in assets and over $28.3 million in liabilities. Court records show that the company is owned by Barry Kasoff, a New York businessman.
Chapter 11 Bankruptcy Plagues the Company Again
Kasoff was not the first owner, nor the first owner to file for Chapter 11. The Elephant Bar chain has come under new ownership two other times since its first bankruptcy three years ago. The chain closed the majority of its restaurants over the past few years in an attempt to straighten out its finances. It once had 45 locations, but now only has seven.
How Will Chapter 11 Bankruptcy Help?
A Chapter 11 Bankruptcy filing gives a company protection from creditors as well as time to reorganize, restructure, and figure out a sustainable debt payment plan. For the time being, it is unclear how the Elephant Bar’s filing will affect its operations here at its Las Vegas location.
The Elephant Bar’s menu includes burgers, tacos, noodles, and English-style fish and chips.