The lingering economic fallout from the COVID-19 pandemic has claimed another Houston restaurant. Midtown’s Maple Leaf Pub has filed for bankruptcy and announced its closure. Financial strain from mounting debt prompted The Maple Leaf Pub, LLC, to seek bankruptcy protection.
Highlights
- The Maple Lead Pub, LLC, filed for Chapter 11 bankruptcy.
- The bar and grill also announced permanent closure before the bankruptcy filing.
- A significant imbalance in the assets and liabilities led to this decision.
The Maple Leaf Pub, LLC Files for Chapter 11 Bankruptcy
As pandemic-related economic challenges persist, the Midtown sports bar has joined a growing list of bankruptcies. The Maple Leaf Pub, LLC, is one of Houston’s beloved sports bars. After operating for 20 years, the pub filed for Chapter 11 bankruptcy protection.
According to PacerMonitor, The Maple Leaf Pub, LLC, filed for bankruptcy on August 12. The case filed shows a significant imbalance between their assets and liabilities. Located in Houston’s Midtown, the pub has faced steep financial losses amid shifting market conditions.
According to social media post, the pub has also announced that it is closing permanently. The pub thanked patrons for their support over the past 20 years. Through Chapter 11 proceedings, the business aims to restructure its debts under court oversight.
Significant Assets-to-Liabilities Imbalance
The filing reports that the company has assets between $50,000 and $100,000 against its liabilities that lie between $500,000 and $1 million. With fewer than 50 creditors, the company is unable to repay them while securing administrative expenses. The company has filed for Chapter 11 Subchapter V bankruptcy, seeking to clear the financial liabilities as soon as possible.
Rising costs and inflation have forced many independent restaurants to seek bankruptcy protection. Many small businesses are turning to the courts to restructure and stay afloat.
