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Mark R.

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Ramsi's Cafe Files for Bankruptcy

by Mark R. » Fri Sep 03, 2021 11:11 am

According to Hunt article just released by business 1st Ramsi's Cafe has just filed for Chapter 11 bankruptcy. Things don't sound good for them however, according to a quote from the article "According to the bankruptcy filing, Terra Santa Inc., doing business as Ramsi's Cafe on the World, has $50,000 or less in assets with six unsecured claims from creditors". The article went on to state that creditors had filed claims in excess of $550,000 against the establishment. Interesting that this happened just after they opened their 2nd restaurant.

Here's a link to the story from business 1st for those of you who have access to business 1st articles or haven't used up your free article reviews for the month: https://www.bizjournals.com/louisville/ ... MkqItnuo14
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Robin Garr

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Re: Ramsi's Cafe Files for Bankruptcy

by Robin Garr » Fri Sep 03, 2021 11:44 am

Thanks, Mark! I just came here to post that.

I don't know what's been up with Ramsi's lately, but I've noticed the Bardstown Road shop has been keeping kind of sporadic opening hours since the pandemic. I really wondered if opening a Norton Commons branch was the best idea, but maybe they saw it as a life preserver. Who knows? They've certainly enjoyed enduring popularity, but something obviously went wrong. The pandemic, I guess. :(
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Re: Ramsi's Cafe Files for Bankruptcy

by Alexis Rich » Sat Sep 04, 2021 6:44 am

I’m not a financial whiz but, doesn’t bankruptcy mean you’re restructuring your debt? I’m not sure it means “going out of business.” Creditors want their money so it’s in their best interest to keep a business open so it can pay back loans. I agree that the second location is probably not happening but closing the original seems like a bad idea.
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Re: Ramsi's Cafe Files for Bankruptcy

by Robin Garr » Sat Sep 04, 2021 6:56 am

Alexis, you are correct. As a non-economics whiz, I tend to read filling for bankruptcy as a sign of serious financial issues, though. :(
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Re: Ramsi's Cafe Files for Bankruptcy

by Mike D » Sat Sep 04, 2021 8:23 am

With $350,000 owed to the IRS, over $100,000 owed to the Kentucky Revenue Department and a smaller amount owed to Louisville Metro, they're in deep trouble. Non-payment of taxes will get you every time. They'll shut you down. Think Baxter Station, among others.
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Re: Ramsi's Cafe Files for Bankruptcy

by Robin Garr » Sat Sep 04, 2021 8:52 am

Mike D wrote:Think Baxter Station, among others.

Or, famously, Hasenour's, although in that case I believe the tax people actually came and shut the doors. :(
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Re: Ramsi's Cafe Files for Bankruptcy

by Gary Guss » Sat Sep 04, 2021 12:41 pm

Yup, cardinal rule of small business is never stiff the Feds..
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Re: Ramsi's Cafe Files for Bankruptcy

by SilvioM » Sat Sep 04, 2021 5:11 pm

There is still a banner outside that reads Closed for Kitchen Remodeling, Open August 16. But, no signs of life. I wonder if that was a preemptive excuse to close — this has surely been in the works for awhile, not a situation in which a restaurant would want to invest in remodeling dollars.
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Re: Ramsi's Cafe Files for Bankruptcy

by Robin Garr » Sat Sep 04, 2021 8:37 pm

Good catch, Silvio. It just doesn't look good for this long-time landmark. I hope they make it, but when you're still posting a "reopening August 16" sign almost three weeks later, it hints that you've given it up. :(
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Re: Ramsi's Cafe Files for Bankruptcy

by Robin Garr » Sun Sep 12, 2021 3:49 pm

I just saw this Sept. 9 Facebook post from Ramsi's. Best wishes to them if they can make it work:

Ramsi's Cafe on the World wrote:We’re so excited to be reopening our Highlands location tomorrow, Friday, September 10th! We’ll be open at both locations 4pm-11pm daily. We look forward to seeing you!


https://www.facebook.com/ramsiscafeonth ... 4476589976
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Re: Ramsi's Cafe Files for Bankruptcy

by Mark R. » Sun Sep 12, 2021 4:37 pm

As you said Robin, I hope they can make it work! He rejoined information sounded like they were in a deep hole that is going to take a long time to get out of.
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