Doc’s Steakhouse files for bankruptcy
The Business Review (Albany) – by Robin K. Cooper
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The company that owns and operates Doc’s Steakhouse in Saratoga Springs, filed Chapter 7 bankruptcy protection this week after sales were cut in half over the past year.
AGirls LLC compiled $313,000 in secured claims from bank loans and nearly $170,000 in unsecured legal fees, food supplies and delinquent sales tax payments, according to documents filed with the federal bankruptcy court in Albany.
Laura LaPoint, sole owner of Doc’s Steakhouse, has operated the restaurant since February 2007 after acquiring from a longtime Saratoga Springs chef and restaurant owner.
Restaurant sales have declined rapidly since last year. In 2007, Doc’s annual sales totalled $1.1 million. Income fell to $990,000 last year.
Over the past year, sales totalled $416,370, generating monthly income of less than $35,000.
It costs about $38,000 a month to cover payroll, rent, food and office supplies, utilities, advertising and insurance, according to court documents.
Largest creditors include HSBC, which provided a $313,000 business loan to Doc’s. Another $65,000 is owed to First Funds LLC. U.S. Foodservice Inc. of Clifton Park is owed more than $11,000 in past due food supplies dating back to at least March, according to lawsuit filed in Saratoga County.
Neither LaPoint nor her lawyer could be reached for comment. The restaurant remained open for business this week.
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