CINCINNATI, OH (FOX19) - Flipdaddy’s, a Cincinnati area craft beer and burger chain, has filed for Chapter 11 bankruptcy protection in federal court, according to our media partners at the Cincinnati Enquirer.
The restaurants, marketed as a "Brilliant Burgers and Craft Beer Bar," are in Symmes Township and Mariemont in Ohio and Union and Newport in Northern Kentucky.
CEO Thomas Sacco signed off on the bankruptcy filing filed Dec. 6 in U.S. Bankruptcy Court for the Southern District of Ohio.
The corporation, based at 7406 Jager Court, Cincinnati, owes more than $2.3 million to at least 50 creditors, according to court filings.
Chapter 11 bankruptcy law allows a business to stay open while it works out a reorganization plan with creditors, according to an online federal courts website.
The company's largest debts include a $640,000 loan to the business from a Naples, Florida, resident who has an additional equity stake in the restaurant chain, according to court filings.
Other bills include $329,000 owed to Gordon Food Service of Springfield, Ohio, and more than $455,000 to Guggenheim Retail Real Estate Partners Inc. of San Francisco.
Longtime customer Jim Longano, of Union, expressed hope the restaurant will remain open. Longano has organized weekly work outings at Flipdaddy's trivia nights for two years.
“I’m disappointed to hear of Flipdaddy’s Chapter 11 filing because they have been a great restaurant for our family and one of the first full-service restaurants in Union,” Longano said.