KC restaurant company in bankruptcy seeks to sell Plaza, Prairie Village eateries
Two area restaurants — Gram & Dun on the Country Club Plaza and Urban Table in Prairie Village’s Corinth Square — could soon have new owners.
Kansas City-based restaurant company Bread & Butter Concepts filed for bankruptcy reorganization in November and hoped to remain a “viable organization” after being part of the Kansas City restaurant community for more than a decade.
But then came the pandemic.
In its latest petition, it said a sale is the best option for it to eliminate secured debt and preserve hundreds of jobs.
Bread & Butter Concepts said it had been making “great strides” in its efforts to reorganize, including paying all post-petition debts, rent and “critical vendors, as necessary.” It also “aggressively” entered into negotiations with landlords for lease amendments.
“However, those strides came to a grinding halt in March 2020. The unprecedented, exponential spread of coronavirus disease COVID-19 throughout the United States over the course of the last several weeks, along with the resulting, state-imposed ‘shelter-in-place’ laws and mandated closure of non-essential businesses is the new normal.”
It said the crisis has pushed healthy companies to the brink and companies that were already struggling are now closer to the edge.
Its Gram & Dun is on the Plaza, and it also owns Stock Hill Kansas City Steakhouse just south of the Plaza. Protests in and around the area also “severely hampered and caused interruption in business activities,” it said in the petition.
Alan Gaylin, CEO of Bread & Butter concepts, declined to comment.
Viva Italia! LLC, Memorable Events LLC and Gram & Dun KC LLC are offering to purchase Urban Table, Cherry Hall in the East Crossroads and Gram & Dun for $850,000. Bread & Butter considered an auction but said it is “highly unlikely to produce a higher bidder.”
The next hearing is scheduled for mid-August.
This story was originally published August 6, 2020 at 5:14 PM.