The recently closed Iron Hill Brewery & Restaurant in Lancaster city was one of the chain’s top-performing restaurants, generating nearly as much revenue as Iron Hill’s location in the Center City neighborhood of Philadelphia.
Despite bringing in $5.6 million in gross revenue last year and having a reputation locally for always being busy, the Iron Hill near Franklin & Marshall College closed abruptly Sept. 25 when the company announced that it was closing all its remaining 16 locations and would be filing for bankruptcy. Iron Hill had closed three locations earlier in September and four others over the last year.
That promised bankruptcy filing, which was entered Oct. 3 in New Jersey, says Iron Hill has more than $20 million in debts and just over $125,000 in a bank account. Most of the debt – around $17.25 million – is held by Florida-based Bank United whose claim is secured by Iron Hill’s assets. The rest are unsecured claims for which Iron Hill’s bankruptcy filing says there won’t be funds to pay back after administrative expenses…