Who Else Is Filing For Bankruptcy

Four Focus Ten companies that collectively own 25 Arby’s outlets in Florida, North Carolina and Virginia have filed for Chapter 11 bankruptcy protection.  The four companies concerned are Focus Ten of Florida Inc, Focus Ten of Tampa Inc, Focus Ten of Raleigh Inc and Focus Ten of Greensboro Inc.  They made their filing with the US Bankruptcy Court, Middle District of Florida on Wednesday.

The reason for this move was mainly the economy, according to sources.  Due primarily to the sluggish economy, most families have tightened their belts on spending and this has brought about a detrimental effect on sales but the companies are optimistic they can reorganize successfully.  Part of the reorganization efforts includes obtaining lease concessions from landlords.

Each of the companies have debts ranging from $1 million to $10 million whereas their assets come up to less than $1 million.  Focus Ten of Tampa also has unsecured debts in the form of fees associated with closed locations in Ridge Manor, east of Brooksville and Clearwater.  The companies’ shareholders are the Doyle siblings, Christopher J. Doyle, Monina J. Doyle and Donna J. Doyle, Bradley J. Rockwood, Patricia A. Dalton and Douglas P. Dalton who all own equal shares.  The companies employ about 400 people.

Another company that has filed for Chapter 11 bankruptcy protection is Rock and Republic, the designer of upscale and pricey denims and other apparel.  The Culver City-based company filed the bankruptcy petition on Thursday at the New York Bankruptcy Court.

Rock & Republic apparel are commonly sold at chic and upmarket departmental stores such as Bloomingdale’s, Neiman Marcus and Nordstrom in addition to specialist retail outlets and its own range of stores.  Despite the bankruptcy filing, daily operations will carry on as usual.

According to Geoffrey D. Lurie, the new chief restructuring officer of the privately-owned company, the bankruptcy filing was made to ease the pressure of ‘balance sheet burdens’ and enable the company to take specific action to ensure the growth of the company brand.  Lurie added that they are also exploring possible ‘financial relationships’ with various parties to further finance the company’s core apparel and footwear business.  To-date, Rock & Republic has been able to secure a commitment for a line of credit from CIT Group/Commercial Services Inc.

Rock & Republic was started in 2002 by Michael Ball and has established itself as a major designer and supplier of highly priced apparel such as exclusive jeans that cost $200 or more per pair.