Island Savoy, LLC, an Alameda, California-based community grocer, also known for its deli and cafe services, has commenced bankruptcy proceedings. Court records show an imbalance in its finances with liabilities exceeding the total assets. No specific reason has, however, been cited for the recent filing.
Note: A Chapter 11 bankruptcy filing is a legal process that allows a business to reorganize its debts, restructure obligations, and continue operating while working toward financial stability. Under Chapter 11, a debtor typically proposes a plan to repay creditors over time, subject to court approval. A Chapter 11 filing does not necessarily mean a business is closing or going out of business. For additional information, readers are encouraged to contact the business directly.
Island Savoy, LLC Files for Chapter 11
PACER records show that the company submitted its petition on September 11, 2026. The records classify it as a ‘small business debtor,’ adding that the company is proceeding with a Subchapter V filing.
Michael Stevens is the authorized representative who signed the petition before it was filed in the court. Attorney Marc Voisenat of the Law Office of Marc Voisenat is representing the company.
Island Savoy, LLC’s Facebook profile shows that it operates as a grocery and specialty food retail company, which offers organic produce and locally sourced foods. The Alameda retailer also provides its offerings through craft beer and wine, a full-service deli, and an espresso bar.
Case Related Details
Court records show that the company submitted a balance sheet, which lists assets of $233,426.29 and liabilities of $516,643.95 as of June 30, 2025. The assets include leasehold improvements, furniture, appliances and equipment, computer assets, fixtures and displays, and current assets. The liabilities include Wefunder investment funds, an SBA loan, and other obligations.
For April through June 2025, Island Savoy, LLC had $239,215.27 in total revenue and $165,848.08 in cost of goods sold. The statement lists operating expenses of $124,151.85, with payroll, rent and lease, utilities, interest, and insurance among the expenses. The company also mentioned a net loss of $56,448.03 for the three-month period.
Other document filings included a list of the company’s largest unsecured creditors. These include Alameda Municipal Power, Headway Capital, BOLT Loan/BayFirst National Bank, Rapid Finance, and Hong Cho (Peter).
A summary of the Chapter 11 petition includes:
- Filing Date: September 11, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the Northern District of California
- Type of Filing: Active, Voluntary Petition
- Chapter: 11, Subchapter V
- Case Number: 26-41843
- Estimated Assets: Between $0 and $50,000
- Estimated Liabilities: Between $100,001 and $500,000
- Estimated Creditors: 1-49
Island Savoy, LLC’s financial position could be readjusted under the court’s guidance in coming days.
