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What's up, Doc's?
UPDATE: When I spoke Laura LaPoint on Wednesday, she gave me the official word that the restaurant had closed as of Sunday. Read the full article here.
Last Friday, The Saratogian ran an article penned by reporter Emily Donohue saying that the company that owns Doc's Steakhouse, known as AGirls LLC, filed for Chapter 7 bankruptcy.
Owner Laura LaPoint said the restaurant's revenues have been down consistently since 2007, and while the bankruptcy filing was in process, she said she had no plans to close the business at that time.
As I reported here last month, LaPoint is also looking to sell the restaurant, which has been a fixture at 63 Putnam St. for years. It's been on the market since February, says Realty USA listing agent Joe D'Agostino.
After we received an online comment from a reader who said they'd noticed people packing up the bar at the restaurant yesterday, photographer Erica Miller and I took a walk down the street today to check it out.
Turns out that the impressive collection of liquor that can usually be viewed through the restaurant's front windows is, in fact, gone. It also seems that the restaurant hasn't been open at all for the last couple of nights.
Photo by Erica Miller/The Saratogian
It doesn't mean for sure that Doc's is no longer open for business. And what of the side-alley taco stand that just opened up last month? (My calls to LaPoint seeking an answer were unreturned Tuesday evening.) But it does seem likely that a business that's filed for Chapter 7 would have to forfeit its liquor license. Chapter 7 filings do not include a repayment plan to creditors, as Chapter 11 filings (like the The Saratogian's earlier this year) do. Instead, a bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds to pay creditors. A Chapter 7 filing often results in a loss of property, according to the U.S. Courts bankruptcy site.
For now, nothing is for sure. We'll wait and see what news surfaces in the coming days. I certainly hope that the absence of alcohol doesn't mean bad news for Doc's.
Last Friday, The Saratogian ran an article penned by reporter Emily Donohue saying that the company that owns Doc's Steakhouse, known as AGirls LLC, filed for Chapter 7 bankruptcy.
Owner Laura LaPoint said the restaurant's revenues have been down consistently since 2007, and while the bankruptcy filing was in process, she said she had no plans to close the business at that time.
As I reported here last month, LaPoint is also looking to sell the restaurant, which has been a fixture at 63 Putnam St. for years. It's been on the market since February, says Realty USA listing agent Joe D'Agostino.
After we received an online comment from a reader who said they'd noticed people packing up the bar at the restaurant yesterday, photographer Erica Miller and I took a walk down the street today to check it out.
Turns out that the impressive collection of liquor that can usually be viewed through the restaurant's front windows is, in fact, gone. It also seems that the restaurant hasn't been open at all for the last couple of nights.
Photo by Erica Miller/The SaratogianIt doesn't mean for sure that Doc's is no longer open for business. And what of the side-alley taco stand that just opened up last month? (My calls to LaPoint seeking an answer were unreturned Tuesday evening.) But it does seem likely that a business that's filed for Chapter 7 would have to forfeit its liquor license. Chapter 7 filings do not include a repayment plan to creditors, as Chapter 11 filings (like the The Saratogian's earlier this year) do. Instead, a bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds to pay creditors. A Chapter 7 filing often results in a loss of property, according to the U.S. Courts bankruptcy site.
For now, nothing is for sure. We'll wait and see what news surfaces in the coming days. I certainly hope that the absence of alcohol doesn't mean bad news for Doc's.
posted by Mareesa Nicosia at
6:57 PM
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