Facebook
Fark
Digg
Reddit
Stumble
Thursday, Jan. 7, 2010 | 9:02 a.m.
Sun Archives
Sun Coverage
Map of Miracle Mile Shops at Planet Hollywood
Miracle Mile Shops at Planet Hollywood
3663 Las Vegas Blvd. South, Las Vegas
Facing lawsuits over unpaid bills, the owner of the closed Trader Vic's restaurant in Las Vegas filed for Chapter 7 bankruptcy liquidation last week.
The Polynesian-themed Trader Vic’s opened in 2007 in the Miracle Mile Shops at the Planet Hollywood Resort on the Las Vegas Strip. But last June, the company confirmed it was shutting down.
The Las Vegas location was the only Trader Vic's in Nevada. The Trader Vic's franchise company in Emeryville, Calif., now lists Trader Vic's restaurants elsewhere in the United States and in Europe, the Middle East and Asia.
The Las Vegas restaurant generated revenue of $1.368 million in 2007, $5.961 million in 2008 and $2.033 million in 2009, records filed in U.S. Bankruptcy Court for Nevada in Las Vegas show.
The Las Vegas restaurant's parent company, Boulevard Bar LLC, listed in its bankruptcy filing no assets and liabilities of $14.267 million.
Companies listed as creditors include Service 1st Bank of Nevada, owed $5.05 million for a loan covering furniture, fixtures, machinery, equipment and supplies.
Several construction companies involved in developing the property are also listed as creditors. They include Bombard Electric, owed $280,000; and Flagship Construction Co., owed $2.925 million.
Numerous companies that provided advertising services are listed as creditors, including Greenspun Media Group, owner of the Las Vegas Sun.
Greenspun businesses Las Vegas Magazine, Las Vegas Weekly and Vegas Magazine Partners are owed about $79,000, the court filing says.
Among other media claims, 944 Media is owed $19,600 and Clear Channel Taxi Media is owed $166,000, the court filing says.
The Trader Vic's franchise company is owed some $247,000, the filing says.
Greenspun Media is among 10 companies and individuals that have sued Boulevard Bar LLC in Clark County District Court over issues including unpaid bills.
Other suits were filed by plaintiffs including U.S. Foodservice, owed $30,000; and Southern Wine & Spirits of America, owed $22,000.
America has lost so many -small / mid-level business and that is what drives the economy. It will be a loonngg time before we all get back to opening our own places again...its terrible and a huge slap in the face for free enterprise and what America is best known for..I feel sorry for all the neighborhood business's that have closed and even restaurants such as this..and yet BIG business, who owe everyone in the world, can still afford to go out and buy other business's (Casinos) while they are close to being broke themselves. I would love to know how they do it.
Trader Vic's sucked anyway. Over priced fish, and no atmosphere. No wonder it tanked.
They earned over $10,000,000 in three years and still failed? Where did all the money go?
retiredyoungster I agree... your point of view is right on the mark!
It is always sad to see a complete list of a bankrupt's creditors. So many other businesses suffer when they cannot collect their accounts receivable. When will this recession end?
Its not going to end until we start manufacturing goods again and sell them. There is no such thing as a service based economy. Sooner or later people run out of money to pay for services.
Instead of spending money on projects that last two years through stimulus funds, the government ought to be providing tax credits and incentives that will result in sustained employment, ie machinery, equipment, expansion.
We can double the flights to LV and build a new high speed railroad etc. but until people have jobs in LA or Dubuque or Newark, they ain't coming.
And the real dilemma is the cost of unemployment benefits and other government programs is killing us. Which doesn't mean I am against unemployment benefits, it just means we cannot afford to have our people out of work.
It will take five to ten years if we started today. Instead, the Congress is sticking their collective heads in the sand and proceeding as if all will be well soon.
My advice is get out of debt as fast as you can and hang on... And if someone says I sound like one of those talk show idiots tell me which one cause I don't watch them, but I might if he thinks like me...
Planet Hollywood Miracle Mile Mall is suffering so many closures. It will remain to be seen who survives there in the very near future..
The only good place in miracle mile is Fat Tuesday.
"Its not going to end until we start manufacturing goods again and sell them."
I agree.....however unions have made it virtually implossible to have manufacturing jobs in this country anymore. They need to be more flexible.
Flapsy I added it up too and I'm thinking they should have had enough to pay most if not all of their obligations..maybe someone has been skimming..a penny here..a penny there adds up. A woman who worked at our credit union embezzled thousands just by skimming pennies and nickels off of credit union members.
Going under is from bad business practices... If you dont have good customer base,, any biz wont survive.. I have been lucky so far... I guess having integrity still counts for something nowdays...
i don't feel sorry for those creditors AT ALL. you know why?
THEY were the ones that let trader vic's run up huge debts for advertising.
it's called "cash with copy", folks.
"no money, no runny".
and the u.s.a. will never be a manufacturing powerhouse ever again. those days are gone. $30/hr. for a union worker in detroit or $9/hr. for a worker in mexico...you own a company...who would YOU have build your product?
there will be no job creation until obama gets kicked out of office in 2012. the minimal amount of extra revenue a new job creates for a company will essentially be taken away in taxes for welfare baby food.
They are shipping manufacturing jobs off faster then they can be created. Maybe we had better read the "Reganomics Book" and find out what we should do now. Maybe that chapter has not been written yet.
stevem thanks for the laugh! That damn Obama, everything in your world is his fault. I'm so pissed he made the sun come out today. stevem, people like you are whats wrong with this country! I think every problem the world has is caused by stevem posting in the Sun.
Rejco100, you are so right. I am in the millwork business in east Texas and it really has become a challenge. Not only have we weathered a recession but we uncovered an eembezzlement at our company to the tune of approx. a half a million dollars. If it weren't for my loyal customers who pay their bills we wouldn't be in business today. We couldn't survive the hits that some of these companies are taking. Best of luck to all.