Even though Schimmel's Restaurant owner Jay Schimmel declared bankruptcy this week, he says he is optimistic and sees it as an opportunity to restructure and reorganize the Fondren restaurant. "There are four kinds of bankruptcy, and we are reorganizing," Schimmel told the Jackson Free Press. "We feel good about handling our tax situation and being open for another 10 years. This allows us to refocus and carry on with business as usual."
Schimmel attributed a decline in revenue to the sluggish economy. The restaurant owes the county money in back taxes and declaring bankruptcy will allow him two years to repay that debt.
"This is the worst economy since the Great Depression, and it's tough for everyone," he said. "Fine dining or luxury items considered beyond daily (needs) are not being used anymore."
This week, the restaurant has seen a boom in business as the community rallied in support. "The response has been overwhelming, people are making sure they can do whatever they can to show support," he said.
The restaurant, located at 2615 N. State St. for the past 11 years, is known for hosting benefits and community events, with an occasional book signing, too.
Tonight's event, "First Friday," will kick off the football season with food, drinks for ladies and music by DJ Freeze. The event will take place from 10 p.m. until 2 a.m. Admission is $10. The first 75 people can enter for free.
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Previous Comments
- ID
- 151655
- Comment
"Tonight’s event, “First Friday,” will kick off the football season with food, drinks for ladies and music by DJ Freeze. The event will take place from 10 p.m. until 2 a.m. Admission is $10. The first 75 people can enter for free." Looks like Schimmel's needs to go back to the drawing board and decide if they want to be a hip hop club or a fine dining restaurant. They should be really careful about building and protecting their brand.
- Author
- News Junkie
- Date
- 2009-09-08T15:02:19-06:00
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