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Popular restaurant location files for Chapter 7

The owners of a popular restaurant franchise in the nation's capital have filed for bankruptcy after a rocky two years, according to business news. Tadich Grill originated on the sunny west coast, and business ownership felt it would fit right in next to the seat of government. However, as some Kentucky business owners can sympathize with, their grand vision did not go as planned. Thankfully, Chapter 7 bankruptcy offers clemency to business owners whose financial reality did not match the success they had hoped for. 

The business opened in the fall of 2015 as a joint venture between the original owner's son and Seattle's own Icon, Inc., which partners with restauranteurs to open satellite locations of popular venues. Unfortunately, the new Tadich location was hamstrung by poor press surrounding personal family business and a rift between the franchise owner and his daughter. Public controversy was blamed for flagging sales in the first several months of the venture. 

Icon did not continue to support Tadich, and the owners filed for Chapter 7 bankruptcy on Jan. 31, 2018 in a local U.S. Bankruptcy Court. Initial projections revealed assets and liabilities listed between $1 million and $10 million. While the largest creditors are not listed in the bankruptcy filing, it has been confirmed that some fifty creditors exist. 

It is always a disappointment to a business owner when a new venture does not match the success of the original, as some Kentucky residents can attest. Thankfully, in filing for Chapter 7 bankruptcy, the owners of Tadich will be able to handle the satellite restaurant's mounting debt by paying down creditors and having some of their debt erased in the process. This may allow them to try another location in a different state where their passion for the restaurant business can truly take root. 

Source: Washington, DC BizJournal, "A sad ending for D.C.???s troubled Tadich Grill", Rebecca Cooper, Feb. 5, 2018

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