A business with an unusual take on a classic sports bar is closing its doors, citing financial instability. Visitors from Michigan may be saddened to hear the Range Golf Center and Sports Bar has filed for Chapter 7 bankruptcy as of this March. The establishment previously afforded golf fans the opportunity to play virtual games on high-definition television screens.
The bar's parent company, Range Golf Center LLC, has been in financial trouble for some time, starting in mid-2013. Bankruptcy paperwork establishes the company's debts at between $1 million and $10 million owed to anywhere between one and 49 creditors. The company's assets are currently listed at only $50,000 altogether.
As of this writing, the company's website is still active, but its social media outlets have been dark since August of last year. It is believed that, after the company pays down expenses and accounts for exemptions, there will be no funds left to reimburse unsecured creditors. The company's representation was unavailable for comment, so it is unknown what steps have been taken to begin the bankruptcy process at this time.
Chapter 7 bankruptcy is often the best financial decision a struggling company can make in the face of financial hardship, as Michigan residents are well aware. It can allow a business to pay down existing creditors while protecting the personal assets of company owners, which is of particular concern when debts reach higher levels. It is hoped this move on the part of Range Golf Center will have favorable results for the company's leadership and offer the principals the opportunity to go forward to future business investments free from the financial burdens of the current company.
Source: bizjournals.com, Business that mixed virtual golfing and booze files for bankruptcy, Robert Grattan, March 14, 2014