JACKSONVILLE, Florida –A beloved Jacksonville seafood restaurant files for bankruptcy after losing months of business last year due to Hurricane Irma.
Clark’s Fish Camp & Seafood Inc. has filed for Chapter 11 receivership, as the Jax Daily Record first reports.
The restaurant’s lawyer, William McDaniel, told the Daily Record that customers would not notice any changes and that Clark’s would continue to operate normally.
The very popular seafood stop on Hood Landing Road along Julington Creek was inundated during Hurricane Irma and had to close from September 8 to November 8. 11, putting Clark “a little behind” on his long-term debt, McDaniel told the Daily Record.
According to the financial publication, Clark’s largest debt is $ 566,000 to BBVA Compass Bank for the mortgage on the 12,000 square foot property. The property is valued at $ 1.5 million, according to court documents.
McDaniel told the Daily Record that he does not have a timeline for how long the Chapter 11 process will take.
Joan Peoples, president of Clark’s Fish Camp, sent News4Jax the following statement on Tuesday:
On April 11, 2018, Clark’s Fish Camp & Seafood, Inc. (âClark’sâ) filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code.
âFirst and foremost: Clark’s is not closing. We will continue to provide our customers with the same quality dining experience that we have been providing since 1974 and will continue to pay our current debts as they fall due. Clark’s still controls its operations and business will continue as usual. The Chapter 11 reorganization process ensures that there will be no interruptions in our operations as we restructure our obligations to our creditors.
âThe decision for us to use a Chapter 11 reorganization was not made in a hurry. As many Clark’s customers know, Hurricanes Matthew and Irma caused significant damage to the restaurant and forced us to close. for extended periods in 2016 and 2017. The combined losses associated with property damage and lost income from closings put us in a financial position where we have not been able to meet all of our creditors on a timely basis.
âThe protections offered by Chapter 11 provide Clark with the breathing space Clark needs to recover from the 2016 and 2017 hurricane seasons, increase our operations and repay our creditors in an orderly and fair manner. I believe the rest of 2018 and beyond will be great years for Clark’s and I look forward to continuing our tradition of service.
“On behalf of the entire Clark family, I invite you to come and dine with us and see for yourself that we are more committed than ever to providing great food and service in the signature Clark atmosphere.”
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