You may have heard that Chip’s Barbeque of Little Rock recently closed and filed for bankruptcy protection.
But did you know that the restaurant, which was founded in 1961, listed $400,000 in debts?
The assets of the company, however, were only $15,000. The value of the patents, copyrights and barbecue sauce recipe were listed as unknown.
Chip’s, which has a legal name of Honest Integrity LLC, showed that sales were on the rise.
In 2015, gross revenue was $463,984, up 4.1 percent from the previous year. And from Jan. 1 through July 6, it was $266,560.
Chip’s owes nearly $300,000 to Markham Square Holdings LLC of Little Rock for the lease of the west Little Rock building space until 2023, according to the filing.
Chip’s owner, Christopher Harcrow, also filed his own Chapter 7 bankruptcy liquidation the same day that the restaurant did.
He listed $100,178 in assets and nearly $500,000 in debts. Some of the debts listed in Harcrow’s filing were also in Chip’s. Harcrow became the owner of Chip’s in July 2013, according to his bankruptcy filing.
Harcrow was unemployed when he made the filing.
In 2015, his total income from operating Chip’s was $8,665. The previous year it had been $31,300.
The phone number for Chip’s wasn’t operating on Thursday. Harcrow couldn’t be reached for comment.
Attorney Kyle Havner of the Havner Law Firm in White Hall is representing Harcrow and Chip’s. Havner declined to comment.