Bankruptcy Round Up: Tony’s Baltimore Grill and Johnny Manana’s
Tony’s Baltimore Grill in Atlantic City has filed for bankruptcy. Co-owner Christopher Tarsitano tells the Atlantic City Press that a $715,000 bill for withdrawing from a pension fund is to blame. In 2014, the business left Local 54, the Atlantic City hospitality workers union and the National Retirement Fund. Tarsitano says the business was paying$10-15,000 per month for ten employees to receive health and pension benefits. By withdrawing from the fund, the business is on the hook for a “withdrawal liability.” That’s where the $715,000 comes from. Tarsitano tells the Press, the business will not close and remains open as it has since 1927.
Closer to home, Johnny Manana’s, according to court documents, filed for Chapter 11 bankruptcy protection on Monday, January 18th. Chapter 11 protection provides for reorganization and not liquidation. Manana’s has had its location at the corner of Ridge and Midvale in East Falls since 2002 and remains open. A message left for managing member, Timothy Bonnie has not been returned.
In June of 2015, a second shiny new location opened opposite the SugarHouse Casino on Delaware Avenue. That location is owned by a different corporation but has been reported closed via Yelp and the phone number is out of order.