.

Elephant Bar Files for Chapter 11 Bankruptcy

Executives intend to sell the chain, according to paperwork filed in federal court.

Elephant Bar. Patch file photo.
Elephant Bar. Patch file photo.

The Costa Mesa-based Elephant Bar restaurant chain has filed for Chapter 11 bankruptcy, officials announced today.

The company filed in federal court in Santa Ana a motion for approval of $3.3 million of "debtor-in-possession" financing that is aimed at allowing the company to stay in business during bankruptcy proceedings. Executives intend to sell the chain.

Elephant Bar executives blamed the "challenging economic environment and increasing competitiveness of the industry" for the company's financial woes.

"The company reluctantly closed 16 locations this month, and believes these actions will allow it to get back to focusing on operations and enhancing the concept to establish a stronger foundation for the future," Elephant Bar President and chief executive Robert Holden said.

Twenty-nine locations, including Torrance, remain open.

--City News Service

Wolfman June 18, 2014 at 12:14 AM
we use to go to the Elephant Bar all the time until the screeming kids took it over

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »