Restaurant BT goes in for bankruptcy filing 0
It seems all upscale places and entertainment places are under threat. The threat is not from any people or terrorists, but from the terror of recession. From golf courses to condo makers to restaurants now, there are so many enterprises and establishments that are under grave threat from the ogre of financial troubles. The latest to bite the dust is Restaurant BT which is an upscale and quality dining place at the Old Hyde Park Village in Tampa, Florida. This company wants to go in for Chapter 11 bankruptcy filing in order to effect financial reorganization and beat the recession blues.
Restaurant BT has said that its debts and assets are in the range of $100,000 to $500,000, but it is nonetheless quite substantial for a company of this size and scale. The issues of this company are similar to the ones in the hospitality business. Low business volumes are the bane of any business and this is true of hotels and restaurants where customers dwindle as they try to rein in consumption and spending on non essentials. Despite all tall tales of the recession receding and a revival on the cards, companies that are getting in for bankruptcy filing would beg to differ as on the ground their businesses are closing down and going through very bad times.
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