A restaurant owned by American actor and rapper T.I. has filed for bankruptcy after closing its doors nearly two years ago, according to business news. Kentucky fans of the rapper might be familiar with Scales 925, a high-end restaurant opened by the entertainer in 2015 in a southeastern state. The restaurant has been closed since 2016 amid complaints from employees who allege they were not paid wages. The Chapter 7 bankruptcy was filed by T.I.'s business partner on May 1.
According to the bankruptcy filing, T.I. (real name Clifford Harris) opened the restaurant with business partner Charles Hughes, along with several minor partners. Documents from the filing reveal that Harris and Hughes each have a 40 percent interest in the company, with the other 20 percent divided equally between four minor partners. Court documents also list the restaurant's assets at some $5,000 with no liabilities.
The restaurant has been under fire by the IRS and the Georgia Department of Revenue for allegedly owing money. Former employees have also filed claims against the company for allegedly not paying out wages including overtime. Harris denies any involvement in the hiring or day-to-day processes of the restaurant. The current progress of these suits was not mentioned in the bankruptcy report.
Sometimes, business ventures do not work out the way their creators would have preferred. This is as true for an average Kentucky resident as it is for a world-famous entertainer. Thankfully, by filing for Chapter 7 bankruptcy, a business owner can clear existing debt by liquidating assets to pay down creditors. This process can help the investors to address their financial issues responsibly and directly.
Source: theblast.com, "T.I.'s Failed Georgia Restaurant Files for Chapter 7 Bankruptcy", Ryan Naumann, May 9, 2018