Olga's Filling for Chapter 11 Protection

[Malcove Magnesia]

A little bit more about the bankruptcy: the CEO is blaming this solely on the cost of running [[or building?) the Olgas restaurant in the Compuware building, of all things.

http://www.crainsdetroit.com/article...nto-bankruptcy

That location has been open for at least a couple years, yes?

[Bham1982]

A little bit more about the bankruptcy: the CEO is blaming this solely on the cost of running [[or building?) the Olgas restaurant in the Compuware building, of all things.

http://www.crainsdetroit.com/article...nto-bankruptcy

That location has been open for at least a couple years, yes?

That claim from Olgas is obviously absurd. Restaurant buildouts from scratch typically cost in the tens of thousands while a company like Olgas has assets valued well in the millions. And 90% of the time the landlord is contributing to the buildout.

Claiming that Olgas is going bankrupt because of a restaurant buildout is like claiming an individual is going bankrupt for buying a coffee from Starbucks.

[Honky Tonk]

Claiming that Olgas is going bankrupt because of a restaurant buildout is like claiming an individual is going bankrupt for buying a coffee from Starbucks.

Have you seen the price of coffee @ Fourbucks???? It can happen!

[313WX]

That claim from Olgas is obviously absurd. Restaurant buildouts from scratch typically cost in the tens of thousands while a company like Olgas has assets valued well in the millions. And 90% of the time the landlord is contributing to the buildout.

Claiming that Olgas is going bankrupt because of a restaurant buildout is like claiming an individual is going bankrupt for buying a coffee from Starbucks.

It could be possible that the Olga's downtown is not making a profit and the company has simply been pouring money into it at a loss for charity [[to the city of Detroit).

There was a thread not too long ago about a ton of businesses in downtown/midtown facing similar circumstances, as they were way behind on their taxes [[Louie's Ham & Corned Beef being one of them).