Upscale seafood chain Oceanaire Seafood Room on Monday filed for Chapter 11 bankruptcy protection and closed four locations, including Cincinnati, Philadelphia, Seattle and Charlotte, N.C.
Combined, the locations employed about 225 workers. Normal service will continue the dozen other locations.
“[Filing for Chapter 11] was a strategic decision to allow Oceanaire to help establish a firmer financial base and allow us to implement operational initiatives to build a stronger and more competitive company,” Wade Wiestling, VP of culinary development, told SeafoodSource on Monday. “We sought permission to close a handful of restaurants this morning.”
Wiestling said it is the company’s intention to move quickly through the Chapter 11 process and emerge sometime by year’s end, maybe as soon as October.
A report in The Dallas Morning News sites court documents that claim the company lists 50 to 99 creditors owed between USD 10 million (EUR 7.1 million) and USD 50 million (EUR 35.7 million) and assets of between USD 1 million (EUR 714,000) USD 10 million (EUR 1.7 million). Wiestling could not comment on financials.
“Today Oceanaire is taking the necessary steps to position the company for the future,” said Wiestling. “Our restaurants didn’t fail, the economy failed us.”
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