Brentwood-based restaurant chain Santa Fe Holding Co., a roadhouse concept run by former Mère Bulles owner Danny York, filed for Chapter 11 protection yesterday in Nashville's U.S. Bankruptcy Court.
The chain, which logged 2008 sales of $53.3 million, listed both assets and liabilities in the range of $10 million to $50 million in the filing.
A list of the top 20 unsecured claims against the company is attached here. The largest single claim listed in the filing is $2.1 million owed to Burch Investment Group’s Lucius Burch.
Additionally, the already lengthy docket includes a request for the courts permission to enter into a debtor-in-possession loan in the amount of up to $4 million with DBMC Investments.
That filing, linked here, also provides further detail as to the company’s financial picture. In the petition the company states that it currently owes “approximately $15 million in secured debt to various lessors and secured creditors.”
In a statement on the bankruptcy released today, the company said that it “intends to use the reorganization process to strengthen its financial position which will improve operating and financial performance. Additionally, the company will undertake further expense reduction plans to enhance productivity and provide marketing support to expand its loyal customer base.”
According to the company, its newest sixteen stores, built in the last two years, have “flourished” while some of the older outposts of the chain have “underperformed.” Three of those units, the company further noted, closed as of yesterday.
A meeting of creditors is slated for August 21 at 1 p.m. in the Customs House.
Representing the company are Tristan Manthey and William H. Patrick III of New Orleans’ Heller, Draper, Hayden, Patrick & Horn. According to the docket, Santa Fe is represented locally by attorneys from Dodson, Parker, Behm & Capparella.
The company recently inked a master franchising deal to expand the concept into Florida. At the time it said that it hoped to open between 8 and 10 new stores this year. Currently Santa Fe operates roughly 30 units spread across six states.
The $53 million sales figure quoted above represented a 60 percent jump from fiscal ‘07.