Square 1 Burgers files bankruptcy, blames over-saturated restaurant market – Orlando Sentinel

Cowboy-themed restaurant Square 1 Burgers and Bar filed for reorganization bankruptcy for all its locations, including the recently closed spot in Winter Park.

Tampa-based Square 1, known for its buffalo burgers and cow-print decor, filed 12 separate bankruptcy petitions in U.S. Bankruptcy Court for the Middle District of Florida Friday, including its parent company, a property company and two recently closed locations.

In its bankruptcy filing, Square 1 blamed the financial troubles on an over-saturated restaurant market.

Unfortunately, between 2014 and 2016, a number of restaurant franchises flooded the market saturating the areas around Square Ones restaurant with a litany of dining options, court documents said. When the competition settled in, Square One struggled to breakeven and quickly fell behind with its creditors.

Square 1 closed in Winter Park in May after being ordered to leave after allegedly owing about $21,000 in back rent, according to court documents.

Winter Park landlord Andre Raab said the burger restaurant left in the dark of night.

Square 1 also recently closed a location in Sarasota, according to the Sarasota Herald-Tribune.

Square 1 Burgers kicked out of Winter Park restaurant space

Square 1 has eight locations left and the company filed for bankruptcy on all eight individually.

For the Winter Park bankruptcy, Square 1 listed assets of $1 to $10 million and debts of $1 to $10 million. The itemized list of liabilities adds up to about $70,000, but most of the money is owed to the landlord, food provider Sysco and meat company Master Purveyors in Tampa.

A representative for Square 1 Burgers did not return a phone call or email Monday afternoon. The company s lawyer, Scott Shuker, said there are separate filings because each restaurant is an individual limited liability corporation.

Square 1 was founded by Tampa restaurateur Bill Shumate and partner Joanie Corneil, along with Ray Leich. Schumate and Corneil also own Bellas Italian Cafe in Tampas Hyde Park.

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Square 1 Burgers files bankruptcy, blames over-saturated restaurant market - Orlando Sentinel