Heaps of trouble for Nino's Italian eateries
Posted on August 01, 2012 at 16:42 PM EDT
Restaurateur Nino Selimaj's chain of six Italian eateries officially filed for Chapter 11 bankruptcy protection on Wednesday. On Tuesday, Mr. Selimaj declared personal bankruptcy, filing for Chapter 7. The veteran restaurateur, whose troubles were first reported in Crain's , owns Nino's, Nino's Bellissima Pizza, Nino's Positano, Nino's Tuscany Steakhouse, Osso Buco and Scarpina Bar & Grill. According to court documents, his restaurant empire, Arbessa Restaurant Corp., ran into trouble during the economic downturn and was then pushed into financial ruin when it paid $515,494 last year in back wages after the state attorney's office investigated the company's employee payment practices. It borrowed $350,000 from AdvanceMe Inc., a company that lends money based on future credit card receivables of diners' tabs. Mr. Selimaj was unable to repay AdvanceMe, which sued the restaurateur earlier this month. He declined to comment on the bankruptcy filings, but in court documents, Mr. Selimaj blamed his troubles on AdvanceMe, which he described as "unconscionable" for requiring him to repay his debt more quickly than he was able to or agreed to.
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