A recent entrant to the local restaurant scene has filed for bankruptcy protection.
Pittsburgh-based Max and Erma’s filed for Chapter 11 bankruptcy protection Friday to stave off one major creditor.
“The bankruptcy filing said the chain has between 200 and 999 creditors which Max & Erma’s owes a total of between $1 million and $10 million. The chain has between $1 million and $10 million in assets,” reported the Pittsburgh Tribune-Review.
The chain has two restaurants in Richmond, one at Reynolds Crossing at 6623 W. Broad Street and one at 2160 John Rolfe Parkway. That second location has been a curse to other retailers who were counting on the extension of John Rolfe Parkway, which was slower in coming than many counted on.
The two Richmond restaurants are franchised locations and are not owned or operated by the company.
Other mid-priced sit-down restaurants , such as Applebee’s and Ruby Tuesdays, have suffered as consumers have cut back on eating out or started eating at cheaper restaurants.
Aaron Kremer is the BizSense editor. Please send news tips to Editor@richmondbizsense.com.
