After losing more than two months of business last year due to flooding from Hurricane Irma, Clark’s Fish Camp & Seafood Inc. filed for Chapter 11 bankruptcy last week.
Patrons of the popular restaurant at 12903 Hood Landing Road along Julington Creek shouldn’t notice any changes due to the filing, said William McDaniel, a lawyer at Lansing Roy who represents Clark’s.
“This is a restructuring,” he said.
“Clark will continue to function and function normally. “
Clark’s is getting a fresh start in more ways than one, according to the Business Management Summary filed with the US Bankruptcy Court for the Middle District of Florida in Jacksonville.
Joan Peoples, who founded the restaurant with her late husband, Jack, in 1974, retired from day-to-day operations in 2012.
“Unfortunately, the subsequent management structure has not lived up to the debtor’s historical standards and the decline in quality has resulted in a loss of customer base,” the court record said.
“Ms. Peoples has renewed her day-to-day management of the Debtor and will restructure her internal operations and management to restore her previous status and quality.
In addition to management issues, the Irma floods caused the restaurant to close from September 8 to November 11 last year, after Clark’s also suffered damage from Hurricane Matthew in 2016.
The loss of business caused Clark’s to “fall a little behind” some of its long-term debt, which resulted in bankruptcy, McDaniel said.
The largest debt is $ 566,000 owed on a mortgage on the 12,000 square foot restaurant with BBVA Compass Bank. The property is valued at $ 1.5 million, according to court documents.
McDaniel said the bank supports Clark’s restructuring efforts.
Clark’s “is well known for its waterfront location, traditional seafood, and exotic dishes and settings featuring several wild and exotic animals,” the case management summary reads.
The decor is a major asset of the restaurant. The court record indicates that his taxidermy collection is valued at $ 430,000.
Clark’s income rose from $ 3.3 million in 2016 to $ 2.8 million in 2017, according to the filing. Income so far this year has been approximately $ 890,000.
McDaniel said he didn’t have a timeline for how long it would take Clark to go through the Chapter 11 process.
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