Length of Warren Perkins’ reprieve not totally clear
Perkins in Warren has received a reprieve.
Just how long that reprieve will last is less than clear.
A stipulation and consent order approved by a federal bankruptcy judge last month identified the Warren Perkins on Ludlow St. as one of 10 of 27 restaurants operated by 5171 Campbell Land Co., Inc. that was to close as part of Campbell’s ongoing bankruptcy efforts.
However, amendments to that stipulation approved by the court on August 1 remove three restaurants — Warren included — from the list of restaurants that are to be closed.
In addition to the Warren location, restaurants in Erie and New Castle also got a reprieve.
A further amendment indicates that Campbell, “shall be entitled to operate the restaurants… until the earlier of the date(s) when (Perkins) enters into a new license agreement with third party licensees and August 31, 2019,” which the filing refers to as the “termination date.”
Records indicate a pre-trial conference in the case is scheduled for Wednesday regarding the appointment of a United States trustee to oversee the bankruptcy. The trustee is to file a status report by August 22 and an evidentiary hearing, if needed, is set for August 29.
Also on August 1, a United States trustee appointed four entities to a committee of unsecured creditors, including Store Capital.
Online county assessment records indicate that Store Capital Acquisitions, LLC is the listed owner on the deed for the Ludlow St. property.
They have filed suit in federal court against Campbell, alleging breach of contract, including failure to taxes for leased properties where Campbell operates restaurants, and default on a $1,750,000 loan.
A July 18 order incidents that a “petition for voluntary bankruptcy operates as an automatic stay” for Campbell in that case and the court approved a stipulation calling for a 60-day stay against Campbell’s principals.
As if Campbell’s financial situation wasn’t already unclear enough, U.S. Foods has now filed a claim under the Perishable Agricultural Commodities Act seeking nearly $400,000 in payment for “perishable agricultural commodities” purchased from U.S. Foods. As of Monday, no order on that issue had been entered.
The Times Observer reported on Saturday that a case in federal court in Tennessee, which included a temporary restraining order that would have prohibited Campbell from operating as Perkins, was dismissed in light of Perkins and Campbell agreeing to the jurisdiction of the bankruptcy court.