A popular restaurant operator based in Oak Hill, Florida, has applied for bankruptcy protection. Galbreath Restaurant Group, LLC, initiated Chapter 11 bankruptcy proceedings today, November 4, in response to increasing financial challenges.
Galbreath Restaurant Group Files for Chapter 11 Bankruptcy
Oak Hill-based Galbreath Restaurant Group has voluntarily applied for bankruptcy. According to Pacer, the restaurant operator made the filing in the U.S. Bankruptcy Court for the Middle District of Florida. The group operates Goodrich Seafood & Oyster House, a local spot known for its fresh seafood.
The company lists assets between $500,000 and $1 million, and liabilities ranging from $1 million to $10 million. The filing notes between 50 and 99 creditors.
Galbreath Restaurant Group’s state of financial troubles can be understood through its major liabilities to the Small Business Administration for an Economic Injury Disaster Loan (EIDL) and a series of high-cost merchant cash advances.
Galbreath Restaurant Group operates a single full-service restaurant in Oak Hill. The company’s roots date back to 1910, when it operated as a seafood wholesaler and retailer under the Goodrich Seafood & Oyster House name.
Over the decades, the business built a loyal following for its locally sourced seafood before being acquired by Galbreath Restaurant Group in 2010. The local prominence of Galbreath Restaurant Group was clearly observed in 2013 when the restaurant operator was mentioned in the ‘Emeril’s Florida’ program on Food Network.
The latest Chapter 11 filing by Galbreath Restaurant Group will allow the Oak Hill business to continue operations while restructuring its debts during the long bankruptcy process.
The restructuring is expected to help stabilize operations and position the Oak Hill restaurant for continued service in the community.
