The operator of a Village Inn restaurant in Oldsmar, Florida, has filed for Chapter 11 bankruptcy protection after reporting more than $554,000 in liabilities, according to court filings obtained by FOX Business.
VI Oldsmar LLC filed its Chapter 11 petition in the U.S. Bankruptcy Court for the Middle District of Florida on Sept. 18, electing to proceed under Subchapter V, which is a streamlined bankruptcy process for qualifying small businesses.
Court filings show the company listed about $72,335 in assets and $554,076 in liabilities, with between one and 49 creditors.
Its assets included about $5,235 in cash, $15,000 in food and paper inventory, $50,000 in kitchen equipment and roughly $2,100 in office furniture and equipment.
The company’s largest creditors include 3682 JAGS LLC, which is owed $250,000, the Florida Department of Revenue at $120,400, the Internal Revenue Service at $78,500, US Foods at roughly $40,301 and Sysco at $30,000, according to court filings.
According to the Tampa Bay Business Journal, the franchisee has struggled with the lingering effects of the 2024 hurricanes that struck the Tampa Bay region, along with declining restaurant sales and rising operating costs.
The Oldsmar restaurant remains open and has no plans to close, an employee at the location told The Street on Tuesday.
The Oldsmar filing marks the fifth Chapter 11 bankruptcy by Village Inn franchisees operated by managing member Lloyd D. Lehan IV since June, according to The Street.
The latest filing follows Bay Pines Group LLC’s Chapter 11 bankruptcy petition last month, court filings show.
Bay Pines Group, which also is owned by Lehan, operates the Village Inn on Bay Pines Boulevard in Seminole, Florida, The Street reported.
Village Inn, which was founded in Denver in 1958 as Village Inn Pancake House, now operates more than 100 company-owned and franchised restaurants across several states, including Colorado, Florida, Texas and Arizona, according to its website.
Village Inn, franchise operator Lloyd D. Lehan IV and the Oldsmar restaurant could not immediately be reached by FOX Business for comment.