Owner of Trader Vic's in Las Vegas Files for Bankruptcy

The owner of the now closed Trader Vic's restaurant in Las Vegas has filed for Chapter 7 bankruptcy.

The popular Polynesian-themed restaurant was located in Miracle Mile Shops inside the Planet Hollywood Resort on the Las Vegas Strip, and generated $1.368 million in 2007, $5.961 million in 2008, and $2.033 million in 2009.

Despite these earnings, the restaurant's parent company, Boulevard Bar LLC, listed no assets but $14.267 million in liabilities.

The company listed multiple creditors in its filing, including:

• Service 1st Bank of Nevada (owed $5.05 million)
• Bombard Electric (owed $280,000)
• Flagship Construction (owed $2,925)
• Greenspun Media Group, owner of the Las Vegas Sun
• Several Greenspun businesses, such as Las Vegas Magazine, Las Vegas Weekly, and Vegas Magazine Partners (owed $79,000)
• 944 Media (owed $19,600)
• Clear Channel Taxi Media (owed $166,000)
• The Trader Vic's Franchise (owed about $247,000)

The owners of the restaurant were forced to file for bankruptcy after several lawsuits were filed against them for not paying their bills.  

If you are interested in learning more about Chapter 7 bankruptcy, as well as if you qualify for bankruptcy protection under Chapter 7, click here to find a bankruptcy lawyer near you!