North Country BBQ Ventures, Inc. Files For Chapter 11

North Country BBQ Ventures, Inc. filed for chapter 11 on Saturday at the United States Bankruptcy Court for the District of New Jersey.  The debtor is a privately-held corporation owned by Reiss Capital Management LLC (31.1%), SFIP Limited Partnership (7.8%) and numerous other owners. (CFO Declaration) The debtors operate nine Famous Dave's restaurants located in New Jersey, New York, and New Hampshire.   They employ approximately 1000 people.  

According to the CFO Declaration "The poor performance of the Companies and other issues with prior management left the Companies in a very difficult predicament.  Because the enterprise was severely undercapitalized, multiple defaults existed under the Credit Facility, the Franchise Agreements with Famous Dave's, various leases for existing restaurants and several that they were planning to open, and under the Companies' key vendor relationships, including food purveyors.  The Companies were simply unable to timely pay the vendors, landlords, secured creditors and other creditors, such as taxing authorities."

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