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Posted: 5/12/2024 8:28:54 AM EDT
[#1]
Quote HistoryOriginally Posted By cavedog: Brocato's, one of the top places in Tampa for Cuban sandwiches, a shop that has been opened for 76 years, has had to file for Chapter 11 bankruptcy. link behind paywall. Popular Tampa lunch counter Brocato’s Sandwich Shop filed for Chapter 11 bankruptcy this week to reorganize its debts after falling behind on payments to the Florida Department of Revenue and several vendors. Brocato’s, located at 5021 E Columbus Drive, owes approximately $1.4 million to its creditors, including $700,000 to the Department of Revenue, according to documents filed in the Middle District of Florida bankruptcy court. The shop’s primary goals in the reorganization are to prevent the agency from revoking its sales tax permit and stop creditors from freezing its bank accounts, according to the filing. An attorney for Brocato’s did not immediately return a request for comment. The multigenerational, family-owned shop has been a staple in Tampa’s food scene since it opened in 1948. Brocato’s Cuban sandwich has been ranked by numerous sources as among the best in Tampa Bay, while its devil crabs are a cult classic. As of the date of the filing, Brocato’s had 13 employees and $741,000 in gross sales year-to-date. The shop suffered a substantial drop in revenue during the pandemic, like other restaurants, and while it survived that challenging period, it fell behind on its debts, according to the filing. The shop reported $1.75 million in gross revenue in 2022 and just over $2 million in 2023. It had roughly $4,600 in cash on hand and in bank accounts at the time of the filing. So they generally grossed around $2 million per year but owed $700k in back taxes? That isn’t exactly a great indicator of new issues in the industry. |
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Posted: 5/12/2024 8:46:58 AM EDT
[#2]
I'm not sure that's new.
Restaurants have a very high failure rate and have been that way since forever. |
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Posted: 5/12/2024 8:48:31 AM EDT
[#3]
Quote HistoryOriginally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Two out of three. |
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Posted: 5/12/2024 8:48:50 AM EDT
[#4]
Quote HistoryOriginally Posted By delemorte: I'm not sure that's new. Restaurants have a very high failure rate and have been that way since forever. There's a place close to us that I'm pretty sure is cursed or something. Every year there's a new owner and it's re-branded, and every year it fails. I think it's just a really bad location, the parking is tricky and most people don't wander to that side of the town very often. Every time we've been there, with any owner it's been great food, they just can't make enough to keep the lights on. |
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Posted: 5/12/2024 8:51:51 AM EDT
[Last Edit: glklvr]
[#5]
Quote HistoryOriginally Posted By slow3v: How much food are you eating? I got myself and two kids (3) happy meals or equiv. from BK today for $14 with tax. It's lunch not a smorgasbord. Can easily add the wife in and keep it under $20 by sticking to kids meals for kids, grabbing water instead of soft drinks and sticking to the value menu for us. We've done it in a pinch. All of the food is of equivalent quality, so spending more doesn't really net a better experience. Fast food is in and of itself there for convenience and to cure hunger on the go, and nothing more, really. Subway can feed (4) for under $30 especially with coupons. Pizza shop can easily feed 4 for under $30, and so on. You're equivocating past regular combo meal pricing with current kids meal pricing. And Subway? $30 WITH coupons?  SUBWAY Commercial 2020 - (USA) |
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Posted: 5/12/2024 9:15:22 AM EDT
[#6]
Quote HistoryOriginally Posted By Extorris: No, I’m just saying that it’s a very very tricky business and if I were your accountant, I would really have to strongly advise you against it, as uh, an accountant. Quote HistoryOriginally Posted By Extorris: Originally Posted By runcible: Originally Posted By Extorris: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Well, I have to tell you a restaurant is a very tricky investment, more than half of them go under in the first six months. If I were your accountant, I’d have to strongly advise against it. No, I’m just saying that it’s a very very tricky business and if I were your accountant, I would really have to strongly advise you against it, as uh, an accountant. 
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TX, USA
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Posted: 5/12/2024 9:37:42 AM EDT
[Last Edit: Kbear]
[#7]
For all the "this is not new" posters. Welcome to post-COVID news.
During pandemic the headlines read like this; "COVID is out there. People are dying". Two facts that may or may not be related. Now we get this; "Bidenomics sucks. 50% of restaurants are failing. Both facts, possibly related. |
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Posted: 5/12/2024 9:41:23 AM EDT
[Last Edit: Quintin]
[#8]
Quote HistoryOriginally Posted By sitdwnandhngon: There's a place close to us that I'm pretty sure is cursed or something. Every year there's a new owner and it's re-branded, and every year it fails. I think it's just a really bad location, the parking is tricky and most people don't wander to that side of the town very often. Every time we've been there, with any owner it's been great food, they just can't make enough to keep the lights on. Quote HistoryOriginally Posted By sitdwnandhngon: Originally Posted By delemorte: I'm not sure that's new. Restaurants have a very high failure rate and have been that way since forever. There's a place close to us that I'm pretty sure is cursed or something. Every year there's a new owner and it's re-branded, and every year it fails. I think it's just a really bad location, the parking is tricky and most people don't wander to that side of the town very often. Every time we've been there, with any owner it's been great food, they just can't make enough to keep the lights on. |
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Posted: 5/12/2024 9:42:46 AM EDT
[#9]
i haven't been to a sit down restaurant since Feb
before that it was months just the same... |
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Posted: 5/12/2024 9:47:29 AM EDT
[#10]
Quote HistoryOriginally Posted By sitdwnandhngon: There's a place close to us that I'm pretty sure is cursed or something. Every year there's a new owner and it's re-branded, and every year it fails. I think it's just a really bad location, the parking is tricky and most people don't wander to that side of the town very often. Every time we've been there, with any owner it's been great food, they just can't make enough to keep the lights on. Quote HistoryOriginally Posted By sitdwnandhngon: Originally Posted By delemorte: I'm not sure that's new. Restaurants have a very high failure rate and have been that way since forever. There's a place close to us that I'm pretty sure is cursed or something. Every year there's a new owner and it's re-branded, and every year it fails. I think it's just a really bad location, the parking is tricky and most people don't wander to that side of the town very often. Every time we've been there, with any owner it's been great food, they just can't make enough to keep the lights on. Bad location is a death sentence for a resteraunt |
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WY, USA
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Posted: 5/12/2024 9:48:58 AM EDT
[#11]
I’m sure it has nothing to do with their massive price increases, huge decreases in food quality, and crappy service
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Posted: 5/12/2024 9:52:03 AM EDT
[#12]
Quote HistoryOriginally Posted By Kbear: For all the "this is not new" posters. Welcome to post-COVID news. During pandemic the headlines read like this; "COVID is out there. People are dying". Two facts that may or may not be related. Now we get this; "Bidenomics sucks. 50% of restaurants are failing. Both facts, possibly related. Well bidenomics blow, and restaurants are a risky venture. Both are true and not tied together. However this economy ain't doing these places any favors |
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Posted: 5/12/2024 10:02:41 AM EDT
[#13]
Went out Friday night (I just returned from a trip and wife had a hrllish day at work) to a local sports bar. Food was great and service was awesome. Burgers with a glass of wine each and it cost $55.
Last night did dinner with friends at an upscale restaurant. Fixed price menu ($10 extra for raw oyster app—I missed the word “miniature” in the description, apparently…) and three glasses of wine between us. $157 with tip. Food was good. Service was marginal. I really should have tipped less than 20%. The sports bar was way more enjoyable. |
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Posted: 5/12/2024 10:10:24 AM EDT
[#14]
I'm sure the Democrat solution will be either bailing out restaurants by printing money and taxing people to pay it off, or they will just pass a moratorium on collecting rent from them.
Either way, taxpayers get fucked. |
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FL, USA
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Posted: 5/12/2024 10:13:29 AM EDT
[#15]
Quote HistoryOriginally Posted By N1Rampage: We've completely stopped eating out, it's just not worth the price of the plate + tax/tip. Percentages on top of Inflation add up quickly. |
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USA
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Posted: 5/12/2024 10:22:57 AM EDT
[#16]
Quote HistoryOriginally Posted By N1Rampage: We've completely stopped eating out, it's just not worth the price of the plate + tax/tip. Couple that with the price of fuel, sorry but if they are still trying to justify covid supply issue pricing along with $3+ gal has prices then people need to adjust. Areas with $5+ gal fuel pricing I cannot imagine why people would eat out. |
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FL, USA
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Posted: 5/12/2024 10:59:14 AM EDT
[#17]
Quote HistoryOriginally Posted By cavedog: Brocato's, one of the top places in Tampa for Cuban sandwiches, a shop that has been opened for 76 years, has had to file for Chapter 11 bankruptcy. link behind paywall. Popular Tampa lunch counter Brocato’s Sandwich Shop filed for Chapter 11 bankruptcy this week to reorganize its debts after falling behind on payments to the Florida Department of Revenue and several vendors. Brocato’s, located at 5021 E Columbus Drive, owes approximately $1.4 million to its creditors, including $700,000 to the Department of Revenue, according to documents filed in the Middle District of Florida bankruptcy court. The shop’s primary goals in the reorganization are to prevent the agency from revoking its sales tax permit and stop creditors from freezing its bank accounts, according to the filing. An attorney for Brocato’s did not immediately return a request for comment. The multigenerational, family-owned shop has been a staple in Tampa’s food scene since it opened in 1948. Brocato’s Cuban sandwich has been ranked by numerous sources as among the best in Tampa Bay, while its devil crabs are a cult classic. As of the date of the filing, Brocato’s had 13 employees and $741,000 in gross sales year-to-date. The shop suffered a substantial drop in revenue during the pandemic, like other restaurants, and while it survived that challenging period, it fell behind on its debts, according to the filing. The shop reported $1.75 million in gross revenue in 2022 and just over $2 million in 2023. It had roughly $4,600 in cash on hand and in bank accounts at the time of the filing. La Segunda for the win. |
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Posted: 5/12/2024 12:52:38 PM EDT
[#18]
Quote HistoryOriginally Posted By Extorris: No, I’m just saying that it’s a very very tricky business and if I were your accountant, I would really have to strongly advise you against it, as uh, an accountant. Quote HistoryOriginally Posted By Extorris: Originally Posted By runcible: Originally Posted By Extorris: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Well, I have to tell you a restaurant is a very tricky investment, more than half of them go under in the first six months. If I were your accountant, I’d have to strongly advise against it. No, I’m just saying that it’s a very very tricky business and if I were your accountant, I would really have to strongly advise you against it, as uh, an accountant. |
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UT, USA
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Posted: 5/12/2024 12:55:23 PM EDT
[#19]
We own a small food business. We're getting killed. People just didn't want to pay the prices. But our rent and taxes just went up. Ingredients are 3x what t paid 3 years ago
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Posted: 5/12/2024 4:38:50 PM EDT
[#20]
Quote HistoryOriginally Posted By klutz347: At least there isn't any more mean tweets. Stolen elections have consequences. |
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Posted: 5/12/2024 4:53:44 PM EDT
[#21]
Quote HistoryOriginally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? That would be 50% of new restaurants within the first year. Big difference between that and 50% of the whole industry. |
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Posted: 5/12/2024 5:47:28 PM EDT
[#22]
Treasure coast of Fl, had $100 gift given by a relative for Outback. 3 full rack of ribs, two sides beyond standard. ~$125 with $15 tip for curbside service.
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Posted: 5/12/2024 6:00:35 PM EDT
[#23]
It's no wonder. I just bought a cheese steak from a local pizza joint today. I haven't had one in we'll over a year. They are charging $17.50 for 1 sandwich now. Used to be $10.
No idea how a family of 4 can afford to eat out. Groceries are up but not as much as eating out. I'll go be poor somewhere else, lol. . |
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Posted: 5/12/2024 6:03:42 PM EDT
[#24]
Sam’s is where it’s at. Dress up and take mama out for a 1.38 hot dog and pop
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Posted: 5/12/2024 6:11:51 PM EDT
[#25]
Quote HistoryOriginally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? I believe this is above and beyond that, established restaurants customers stop coming. I can't imagine there are many new restaurants opening up now compared to pre covid pre inflation. Horrible time to open a new restaurant |
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Posted: 5/12/2024 6:18:19 PM EDT
[#26]
Quote HistoryOriginally Posted By slow3v: How much food are you eating? I got myself and two kids (3) happy meals or equiv. from BK today for $14 with tax. It's lunch not a smorgasbord. Can easily add the wife in and keep it under $20 by sticking to kids meals for kids, grabbing water instead of soft drinks and sticking to the value menu for us. We've done it in a pinch. All of the food is of equivalent quality, so spending more doesn't really net a better experience. Fast food is in and of itself there for convenience and to cure hunger on the go, and nothing more, really. Subway can feed (4) for under $30 especially with coupons. Pizza shop can easily feed 4 for under $30, and so on. Quote HistoryOriginally Posted By slow3v: Originally Posted By Rat_Patrol: Yup. $40 to take the family to even McD's and be menu frugal anymore. How much food are you eating? I got myself and two kids (3) happy meals or equiv. from BK today for $14 with tax. It's lunch not a smorgasbord. Can easily add the wife in and keep it under $20 by sticking to kids meals for kids, grabbing water instead of soft drinks and sticking to the value menu for us. We've done it in a pinch. All of the food is of equivalent quality, so spending more doesn't really net a better experience. Fast food is in and of itself there for convenience and to cure hunger on the go, and nothing more, really. Subway can feed (4) for under $30 especially with coupons. Pizza shop can easily feed 4 for under $30, and so on. Well figure what use to be called a value meal is at least 9 bucks now before taxes. Times that by 4 and it's easily over 40 bucks. 4 adult sized people aren't eating children's happy meals. |
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Posted: 5/12/2024 6:41:00 PM EDT
[#27]
Quote HistoryOriginally Posted By runcible: You're not my accountant. Quote HistoryOriginally Posted By runcible: Originally Posted By Extorris: Originally Posted By runcible: Originally Posted By Extorris: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Well, I have to tell you a restaurant is a very tricky investment, more than half of them go under in the first six months. If I were your accountant, I’d have to strongly advise against it. No, I’m just saying that it’s a very very tricky business and if I were your accountant, I would really have to strongly advise you against it, as uh, an accountant. |
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Posted: 5/12/2024 7:12:22 PM EDT
[#28]
Quote HistoryOriginally Posted By Extorris: I know I’m not your accountant, just saying if I were your accountant. Quote HistoryOriginally Posted By Extorris: Originally Posted By runcible: Originally Posted By Extorris: Originally Posted By runcible: Originally Posted By Extorris: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Well, I have to tell you a restaurant is a very tricky investment, more than half of them go under in the first six months. If I were your accountant, I’d have to strongly advise against it. No, I’m just saying that it’s a very very tricky business and if I were your accountant, I would really have to strongly advise you against it, as uh, an accountant. Will you stop with the movie quote love fest already? 
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Posted: 5/12/2024 7:18:09 PM EDT
[#29]
Quote HistoryOriginally Posted By JamPo: I’m guessing a town that that offers a terrible education. Or maybe Austin? Quote HistoryOriginally Posted By JamPo: Originally Posted By VaniB: It gets old with you guys who hide your location but insist on sharing your neighborhhod experiences. As if there's no difference between living and eating out in Homerville GA or some place on the strip in Los Angeles CA? But thanks so much for sharing that with us. BTW, In my town they had closed gunshows because dealers refused to abide by the requirement to remove all the firing pins from out of every gun for sale. True story! Want to know what town that is? Fuck you. Figure it out.  I’m guessing a town that that offers a terrible education. Or maybe Austin? I would have guessed Houston, but between your answer and adding San Antonio and DFW...I bet we have it covered for the most part. |
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FL, USA
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Posted: 5/12/2024 7:42:23 PM EDT
[#30]
My wife and I used to eat out about 1-2x per week just out of laziness or boredom. We’d go to chain places mostly, Outback, Chillies, TGIF etc. that kind of place. We stopped doing that about a year ago.
Now we make it a point to go out once or twice a month but we go to really high end restaurants, Michelin star kinds of places. We both love fine dining and it even works out to be cheaper lol 3 dinners at a chain restaurant will cost the same as one trip to a nice French restaurant with an actual chef. Highly recommend this if your into that type of dining. |
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PA, USA
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Posted: 5/12/2024 9:01:33 PM EDT
[#31]
Quote HistoryOriginally Posted By FistPeso: I don’t enjoy eating out anymore. The price is too high and the quality is too low. Agree. The juice ain't worth the squeeze anymore. |
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GA, USA
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Posted: 5/12/2024 9:04:09 PM EDT
[#32]
Quote HistoryOriginally Posted By Admiral_Crunch: I have been assured by the trustworthy media that it is all because everyone is taking Ozempic. Has nothing to do with a shit economy. That's how it works....once the restaurant owners start taking anti depressents the circle will be completed and everyone happy once again. |
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Posted: 5/12/2024 9:10:03 PM EDT
[#33]
Quote HistoryOriginally Posted By bigborehound: Agree. The juice ain't worth the squeeze anymore. Quote HistoryOriginally Posted By bigborehound: Originally Posted By FistPeso: I don't enjoy eating out anymore. The price is too high and the quality is too low. Agree. The juice ain't worth the squeeze anymore. We eat out maybe a 1/3rd of what we did before for the exact same reasons. A lot of places we used to go to are now ~50% more expensive and the food quality just isn't there anymore. I can make very similar dishes at home for a 1/3rd the restaurant cost with leftovers to eat for lunch the next day. |
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Posted: 5/12/2024 9:14:27 PM EDT
[#34]
Quote HistoryOriginally Posted By Extorris: Well, I have to tell you a restaurant is a very tricky investment, more than half of them go under in the first six months. If I were your accountant, I’d have to strongly advise against it. Quote HistoryOriginally Posted By Extorris: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Well, I have to tell you a restaurant is a very tricky investment, more than half of them go under in the first six months. If I were your accountant, I’d have to strongly advise against it. I thought you were a retired NY cop. (Do you know how to run 2 sets of books?) |
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Posted: 5/12/2024 9:19:36 PM EDT
[#35]
Quote HistoryOriginally Posted By CDW4ME: If it wasn't for my wife I'd never go out to eat. "And, you know, take my wife...please." |
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OR, USA
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Posted: 5/12/2024 9:21:58 PM EDT
[#36]
Quote HistoryOriginally Posted By N1Rampage: We've completely stopped eating out, it's just not worth the price of the plate + tax/tip.  Attached File |
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Posted: 5/12/2024 9:25:57 PM EDT
[#37]
Taco Bell $5 boxes are now $8 by me.
My $200 costco run is now $300. We had dinner for our anniversary, $107 without wine. We were doing really well 3 years ago. Now wages stagnated and prices went up, our rate of savings is hurting like hell. |
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IL, USA
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Posted: 5/12/2024 9:39:59 PM EDT
[#38]
Some here don’t realize when California passes increased wages, we still feel it through the restaurant chains in other states
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Posted: 5/12/2024 9:41:24 PM EDT
[#39]
Everything costs more and restaurants are not immune.
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Posted: 5/12/2024 9:46:49 PM EDT
[#40]
Quote HistoryOriginally Posted By warlord: Personally for me, IF I got out to eat, I skip the drink, it cost the restaurant 10-15¢ to serve, and the rest is profit. Where are you getting your numbers? Coke cost $115 for a BIB of syrup. That BIB will net about 3800 ounces. Roughly .03 per ounce if you are mixed properly. Assuming zero spillage or loss, if you drink 20oz of it that’s .60. Most places charge $2-3 for a refillable drink. If it’s a take out place that cup, lid, and straw is getting close to .50 now days. Ice is also not free. But it’s not really worth tryin to figure out the cost on it. So, I’ll call it .02. That’s $1.12 of potential cost on a $2-3 sale price. That’s fountain drinks. A case of 20oz bottles is $48. That’s $2 per coke. Most places sell these for $3-3.50. |
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Posted: 5/12/2024 9:48:45 PM EDT
[#41]
So is Blackrock looking into the restaurant industry now? Or commercial properties?
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Posted: 5/12/2024 10:00:05 PM EDT
[#42]
Quote HistoryOriginally Posted By glklvr: Two out of three. Quote HistoryOriginally Posted By glklvr: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? Two out of three. Where do you guys come up with these numbers? Failure rate in the restaurant business is sub 20% in first year. Restaurants actually generally out last most other types of business. |
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Posted: 5/12/2024 10:18:24 PM EDT
[#43]
Quote HistoryOriginally Posted By DubyaB: I believe this is above and beyond that, established restaurants customers stop coming. I can't imagine there are many new restaurants opening up now compared to pre covid pre inflation. Horrible time to open a new restaurant Quote HistoryOriginally Posted By DubyaB: Originally Posted By Mech2007: I thought 50% of restaurants failed on a normal basis? I believe this is above and beyond that, established restaurants customers stop coming. I can't imagine there are many new restaurants opening up now compared to pre covid pre inflation. Horrible time to open a new restaurant My third opens next weekend. Why is it a horrible time? Prices are high and people are cutting their spending, but they still eat out. Margins are thinner than ever, it’s harder than ever, but there is still money to be made. Not gonna get rich with one ore two mom n pop places, but if you do it right, you’ll make money. I’m exhausted. I just had my highest grossing weekend I’ve had in 6 year of operation. |
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AL, USA
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Posted: 5/12/2024 10:30:56 PM EDT
[#44]
The effects of a government devaluing the real wealth of currency holders.
It's an awesome (and ancient) racket if you issue the currency. You get the full worth of it before makes the rounds through the suckers. In the US, individual states cannot issue their own, to protect themselves or practice the same theft, so the federals have the monopoly on monopoly money. It was the reason the Saudis insisted on payment in gold during WW2 and in the "oil crisis" of the early 70s. They are not suckers. |
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ON, CAN
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Posted: 5/12/2024 10:34:33 PM EDT
[#45]
Trudeaunomics aint much better (actually worse given the real estate market), It's been a wild few years. Tons of places closing all around us.
On average our traffic has declined 15% since last year due to price increases. We're at the point we can't absorb food and labor inflation with price increases, so we're living with the ebitda erosion while trying to rebuild traffic. You'll continue to see aggressively price pointed offers to build unit volumes, the hard part is squeezing a healthy GP out of those offers. I think people open restaurants as a passion project (or even worse, thinking they can hire someone to make it a passive investment) not realizing it's an industry with significant struggles and tight margins. They can usually get by when times are good, but when times are bad the weak concepts and operators fail. |
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Posted: 5/12/2024 10:35:00 PM EDT
[#46]
Here in Charleston, we had 4 great sit down restaurants that that had been open 30 years or more.
In the last six weeks, 3 of them have closed. |
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AZ, USA
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Posted: 5/12/2024 11:23:34 PM EDT
[#47]
I bought an egg Mcmuffin last week, something I haven't done in years, but damn I was hungry. It was $6.09.
Holy fuck. |
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Posted: 5/12/2024 11:31:57 PM EDT
[#48]
Quote HistoryOriginally Posted By N1Rampage: We've completely stopped eating out, it's just not worth the price of the plate + tax/tip. |
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Posted: 5/12/2024 11:45:47 PM EDT
[#49]
Went to see a buddy that owns a winery yesterday. Asked him "how's business?", "don't ask, people don't have any money to spend."
 He said it's not an existential threat yet, but a couple more years of it will have him dragging and bailing out. |
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Posted: 5/12/2024 11:53:16 PM EDT
[#50]
Quote HistoryOriginally Posted By cavedog: Brocato's, one of the top places in Tampa for Cuban sandwiches, a shop that has been opened for 76 years, has had to file for Chapter 11 bankruptcy. link behind paywall. Popular Tampa lunch counter Brocato’s Sandwich Shop filed for Chapter 11 bankruptcy this week to reorganize its debts after falling behind on payments to the Florida Department of Revenue and several vendors. Brocato’s, located at 5021 E Columbus Drive, owes approximately $1.4 million to its creditors, including $700,000 to the Department of Revenue, according to documents filed in the Middle District of Florida bankruptcy court. The shop’s primary goals in the reorganization are to prevent the agency from revoking its sales tax permit and stop creditors from freezing its bank accounts, according to the filing. An attorney for Brocato’s did not immediately return a request for comment. The multigenerational, family-owned shop has been a staple in Tampa’s food scene since it opened in 1948. Brocato’s Cuban sandwich has been ranked by numerous sources as among the best in Tampa Bay, while its devil crabs are a cult classic. As of the date of the filing, Brocato’s had 13 employees and $741,000 in gross sales year-to-date. The shop suffered a substantial drop in revenue during the pandemic, like other restaurants, and while it survived that challenging period, it fell behind on its debts, according to the filing. The shop reported $1.75 million in gross revenue in 2022 and just over $2 million in 2023. It had roughly $4,600 in cash on hand and in bank accounts at the time of the filing. Busted by the Tax Man. I hate the Tax man as much as anyone, but they didn’t accrue a $700,000 tax debt overnight.
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