Just read a business news article about Craftwerks. They terminated almost all their 18,000 employees that were furloughed. Looks like the end of Old Chicago. Sorry Scar
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| How much longer is our game gonna last? https://scaratings.com/newScaratings/viewtopic.php?f=43&t=3985 |
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| Author: | scar [ Wed Mar 25, 2020 10:36 am ] |
| Post subject: | How much longer is our game gonna last? |
Referencing a Going Concern is generally avoided at all costs if any way practicable. Could be a death knell as far as acquiring any new financing (as opposed to reworking existing debt where lendors are at extreme risk and will consider a lot). In a tightly woven debt/ equity structure it can be somewhat less critical as the current major players may be the source of new capital and are aware of the situation , but still a real bad sign for marginal investors. For a plain old customer like me who would like BT to continue, it's ominously expected. |
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| Author: | cards [ Thu Apr 02, 2020 2:55 pm ] |
| Post subject: | Re: How much longer is our game gonna last? |
Just read a business news article about Craftwerks. They terminated almost all their 18,000 employees that were furloughed. Looks like the end of Old Chicago. Sorry Scar
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| Author: | cards [ Thu Apr 02, 2020 3:26 pm ] |
| Post subject: | Re: How much longer is our game gonna last? |
Business journal would not let me post a link so below is the article. In another blow to the nation's struggling restaurant industry, the parent company of Old Chicago, Gordon Biersch and Logan's Roadhouse has terminated nearly all of its 18,000 employees — including those in Louisville. Last month, CraftWorks Holdings LLC filed for Chapter 11 bankruptcy protection, keeping its remaining 261 corporate-owned restaurants open. But when the coronavirus pandemic hit, the company's lender withdrew financing that would keep its restaurants operational, according to a report by Restaurant Business. As a result, CraftWorks "temporarily" closed all of its company-owned restaurants on March 18. That includes Louisville's Old Chicago on Taylorsville Road and Gordon Biersch on Fourth Street Live, in addition to Logan's Roadhouse locations Louisville and in Clarksville, Indiana. While the other closures are supposedly temporary, CraftWorks admitted that the "shutdown could persist for a prolonged period time, if not permanently," according to court documents. Now, the company has cut nearly all of its 18,000 previously-furloughed employees, according to internal documents obtained by the Wall Street Journal. Attempts to reach local restaurant managers have been unsuccessful. |
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| Author: | zzuupp [ Thu Apr 02, 2020 7:46 pm ] |
| Post subject: | Re: How much longer is our game gonna last? |
At least as far as Gordon Biersch goes, haven't they been trending down for the last two years or so. IIRC, they've been closing locations steadily. |
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| Author: | scar [ Sat Apr 04, 2020 9:52 am ] |
| Post subject: | Re: How much longer is our game gonna last? |
cards wrote: Just read a business news article about Craftwerks. They terminated almost all their 18,000 employees that were furloughed. Looks like the end of Old Chicago. Sorry Scar Well, that's just a shame. Some of the wait staff I appreciated a lot. More victims of the virus. |
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