Golden Corral's Parent Company is Filing for Chapter 11 Protection

August 19th, 2009 by Reed Allmand

Four companies that operate several Golden Corrals in the Dallas – Fort Worth area have to file for bankruptcy because of a judgment against a sister company.

If you ever visit Golden Corral for a meal, you can be thankful that they are going to be able to stay operational thanks to a Chapter 11 bankruptcy filing.  Four companies that operate nearly 50 Golden Corrals in multiple states filed for bankruptcy protection in Fort Worth last week.

Gillermo Perales owns several companies, including the four filing for bankruptcy.  A judgment against one of the other companies, which has since gone out of business, is what is forcing the four to go into bankruptcy.

A former teenage employee of a Euless Burger King, owned by Mr. Perales, was awarded a nearly million dollar judgment.  The substantial judgment was too much for Mr Perales’ restaurants to handle, because they operate with such a small margin.

The bankruptcy attorney for the companies, Davor Rukavina, said, “it’s business as usual… The customer will see no change.”  When speaking of the company’s super thin margins Rukavina said, “To be forced to give somebody a million dollars, there is no million to replace that to pay for the food and to pay the workers.”

Anyway, it’s easy to see that Chapter 11 bankruptcy is going to give Mr. Perales’ companies a second chance.  A major unexpected expense is always hard to swallow for anybody.  If you think you might need a second chance in your financial life, contact a bankruptcy attorney to get help.

avatar

About Reed Allmand

Website

Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."

View all posts by Reed Allmand

Subscribe

Subscribe to our e-mail newsletter to receive updates.

FAQ

Why do I need to submit a new wage order when I modify my plan

When we modify your bankruptcy plan we are changing your plan payments. This means that we have to get with your employer and change the terms and amount of your wage order. The only way we can do that is by filling out a new wage order form.  

Learn More
What happens if the stay terminates on my home?

If the bankruptcy stay terminates on your home that means that even though your in bankruptcy, your creditor can pursue all there legal remedies they can pursue if you were not in bankruptcy. This includes foreclosure, and having your house sold and evicting you from your house.

Learn More

Find Location

map
  • Dallas Bankruptcy

    5646 Milton Street, Ste. 120 Dallas, Texas 75206
  • Fort Worth Bankruptcy

    860 Airport Freeway, Suite 401, Hurst, Texas 76054
  • More Locations

Meet Our Clients