This Famous Italian Steakhouse Quietly Filed For Bankruptcy
A famed Italian steakhouse, which has hosted A-listers like President Obama, Leonardo DiCaprio, and George Clooney, has filed for bankruptcy, according to FSR Magazine.
Il Mulino, a high-end Italian concept with 16 locations across New York, Long Island, New Jersey, Pennsylvania, Florida, Tennessee, Nevada, and Puerto Rico, revealed in a filing on July 30 that seven of its locations are declaring bankruptcy.
Citing the pandemic as the culprit for the restaurant's financial troubles, co-owner Gerald Katzoff indicated that an ongoing dispute with a lender has further destabilized the company, which had received a $2.3 million PPP loan in May. The restaurant now intends to use the loan to fund operations during the bankruptcy proceedings.
While six of the seven bankrupt locations still remain closed, the company hopes to reopen the doors to their restaurants as soon as possible. Katzoff noted they would use the bankruptcy "to restructure debt, seek out new financing opportunities, explore potential transactions, and liquidate claims."
Il Mulino opened its first location in Greenwich Village in 1981. Owned by a family hailing from Abruzzo, Italy, the restaurant served regional Italian cuisine and was eventually sold to investors who expanded its elite dining legacy to dozens more locations in the United States and abroad. If you haven't yet tried their copious red-sauce dishes and generous cuts of meat, you'll still have an opportunity to do so.
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