In a turn of events that has left many locals surprised, Star Wellington LLC, the company behind two popular Italian restaurants in Wellington, has filed for Chapter 11 bankruptcy. The company, which owns Franco Italian Bistro and Victor’s Pizza Café, made the filing on August 23rd, citing over $2.4 million in debt against just over $300,000 in assets.
Adam Hopkins, the owner and manager of Star Wellington, submitted the bankruptcy petition in the U.S. District Court for the Southern District of Florida. The filing comes as a bid to restructure several loans tied to the restaurants, allowing the business to hopefully get back on track.
So, what does this mean for the restaurants? For now, the doors at Franco Italian Bistro and Victor’s Pizza Café remain open. Star Wellington is working to reorganize its finances while continuing to serve customers. The company’s list of creditors includes Fund-Ex Solutions Group, which holds a $1.5 million lien on the company’s cash collateral from a loan backed by the U.S. Small Business Association. Other significant creditors are WebBank’s Toast Capital with $652,000, and Limatola Villa with $209,000.