Street Breads of Southwest Louisiana LLC, the company behind the popular Street Breads restaurant chain with locations on Perkins Road and in Lake Charles, has officially filed for Chapter 11 bankruptcy protection. This development signals significant financial challenges for the gourmet sandwich, salad, and pizza eatery known for its unique street food-inspired offerings.
According to court documents filed in U.S. Bankruptcy Court for the Middle District of Louisiana, Street Breads faces substantial debt, owing over $846,600 to various creditors. This sum includes approximately $598,000 owed to secured creditors and more than $248,000 to unsecured creditors. In stark contrast to its liabilities, the company’s total assets are listed at around $187,900, highlighting the severity of its financial predicament.
The list of secured creditors includes lenders from Lake Charles, Lafayette, and New York, indicating a broad geographical spread of financial obligations. Among the 20 largest unsecured creditors are local vendors and suppliers, crucial to the daily operations of any restaurant. Adding to the financial strain, public entities are also listed as creditors, with East Baton Rouge Parish owed $15,000 for unpaid sales taxes and the Louisiana Department of Revenue seeking $25,000 in back taxes.
The bankruptcy filing raises questions about the future of Street Breads and its operations. Chapter 11 bankruptcy allows a company to reorganize its finances and operations while continuing to operate. It remains to be seen how Street Breads plans to navigate this challenging period and what steps will be taken to address its considerable debt and ensure the long-term viability of this local street breads favorite.
