EBAR FILES FOR BANKRUPTCY

The Elephant Bar, a long time South Coast resident until last August, has filed for Chapter 11 bankruptcy and is closing 16 locations as part of a reorganization.

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3 Responses to EBAR FILES FOR BANKRUPTCY

  1. k says:

    Did I read in that link that the Habit is part of it? Or is that different?

  2. Phil Parson says:

    The story refers to The Habit Burger Grill which is a Northern California chain unrelated to The Habit

  3. Chad says:

    It was owned by the same private equity firm that owns Habit outside of SB.

    The key words are “private equity” and “overleveraged balance sheet” – the latter PE’s playbook, spin something off with debt and let it go bankrupt while keeping the loan money itself. Same thing happened to OSH not long ago.

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