Owners of several Capitol Hill restaurants — including Hawk ‘n’ Dove, Molly Malone’s and Lola’s — don’t expect to close any of the establishments in light of last week’s Chapter 11 bankruptcy protection filing, according to an attorney for the company.
Barracks Row Entertainment, which owns those and six others around the Capitol Hill and Capitol Riverfront neighborhoods in Southeast D.C., filed for Chapter 11 reorganization March 28. (Click here for the full filing.)
“This was necessitated by a debt related issue that has nothing to do with operations, and we don’t anticipate any changes at this time that would be noticed by the public,” said Larry Yumkas, an attorney for the company, Barrack’s Row Ent Group LLC.
That includes Willie’s Brew ‘n’ Que, a large barbecue and sports bar planned for the Boilermaker Building in the Capitol Riverfront neighborhood that has not yet opened.
The restructuring was brought on by declining margins at the restaurants, according to a statement from the group.
“After careful consideration of available alternatives, we determined that a Chapter 11 filing was a prudent and necessary step to maintain and enhance operations and allow for a successful restructuring,” William Nimmo, managing member of Barrack’s Row Holdings LLC, said in the statement.
The bankruptcy documents, which were filed in U.S. Bankruptcy Court’s D.C. District, show estimated assets of between $1 and 10 million and estimated debt of between $1 and 10 million.