This family-owned restaurant at Cherry Hill Mall is once again requesting creditor protection in an effort to stabilize its finances.
Known for its U-shaped counter in the Macy’s section of Cherry Hill Mall, The Bistro at Cherry Hill is once again dealing with the challenges of Chapter 11 bankruptcy.
The restaurant has asked creditors for protection for the second time in eight years. Reassuring customers who have been dining there for almost thirty years, the owners stress that they intend to keep the doors open while restructuring debts.
Why this restaurant at Cherry Hill Mall is reapplying for Chapter 11 protection?
The Bistro’s overall budget was negatively impacted by pandemic-related rent problems, which are primarily to blame for the establishment’s financial difficulties, according to lawyer Mark Cherry.
The restaurant also requested similar relief in 2017 following the New Jersey Division of Taxation’s temporary closure.
Their recent setbacks have compelled them to look for a court-approved plan to address impending debts and balance outstanding obligations, despite their successful financial restructuring in early 2018.
Here is a brief table that highlights important information:
| Detail | Information |
| Name | The Bistro at Cherry Hill |
| Location | Macy’s wing, Cherry Hill Mall |
| Seating Capacity | Approximately 60 people |
| Ownership | Family-operated for nearly 30 years |
| Current Status | Filed for Chapter 11 on May 1 |
| Estimated Assets/Liabilities | Between $100,000 and $500,000 |
This family-owned eatery specializes in American and Italian food and has just started offering catering. Are you curious about those new offerings’ future?
The owners intend to continue expanding their menu and special events by reducing their debt.
How previous tax closures, pandemic disruptions, and creditors all influenced this crisis?
According to the most recent bankruptcy filing, assets and liabilities are estimated to be between $100,000 and $500,000. Along with Main Street Merchant Solutions, PREIT, the mall’s owner, is one of the biggest unsecured creditors. Each has a $175,000 outstanding balance.
The Bistro does, however, anticipate that its recovery plan will leave enough money for unsecured creditors.
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This strategy seeks to maintain a cherished community dining location that many residents have been using for years while also stabilizing finances.
Important details and next actions for interested customers
- The Bistro is still operating in spite of the Chapter 11 procedure.
- Owners and landlords are negotiating debt reduction and pandemic-related disputes.
- A court-approved reorganization, according to legal counsel, will guarantee the restaurant a stable future.
What can locals and frequent diners anticipate from these developments in the future?
Customers should anticipate few service interruptions. Actually, management reaffirms its commitment to carrying on with business as usual during the reorganization phase.
The Bistro’s family-friendly ambiance, menu staples, and attentive service will all remain the same, in case you were wondering if that would change.
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The owners of the Bistro at Cherry Hill appear committed to maintaining the restaurant and pleasing its devoted patrons despite the substantial financial obstacles it faces.
The Bistro may be able to emerge from Chapter 11 on a stronger footing if locals who cherish this longstanding dining establishment remain informed and continue to support it.
