Wasabi Japanese Restaurant

[mrB]

For The Record

By Staff Reports
Published: 3/22/2009  3:37 AM
Last Modified: 3/22/2009  4:30 AM


Business Bankruptcies

(Weekly update includes filings classified as "business" in the numerical list of the U.S. Bankruptcy Court, Northern District, in Tulsa, and which also list "business" as nature of debt on bankruptcy document.)

Filed March 11, 2009

09-10643-M — Wasabi Japanese Restaurant Inc. (Steve Young, president), 6827 S. Memorial Drive, Ste. G-H; assets: $100; debts: $534,836.06; attorney: Bruce G. Straub: chapter: 7.

http://www.tulsaworld.com/business/article.aspx?subjectid=46&articleid=20090322_46_E2_hComme634757&archive=yes

[Hoss]

Wow, assets of $100?  Whoa!  Sounds like about two sets of dinner silverware.

[stageidea]

Wow... what in the world did they spend their money on?  The interior wasn't over the top and it wasn't open long enough for staff costs to be that high. 

[godboko71]

Wow... what in the world did they spend their money on?  The interior wasn't over the top and it wasn't open long enough for staff costs to be that high. 

Leasing costs, food, staffing, advertising, fines (never know,) and any other number of costs could have come up.

[we vs us]

The sad thing about running a restaurant is that you can do everything competently and still lose your shirt.  Not that I have any inside knowledge about how Wasabi worked, but in general even in good times restaurants need a greater share of luck than other businesses do to be successful.

[Cats Cats Cats]

Oh no.. You just said luck.  Here we go again.

[FOTD]

Too much sushi chasing too few lips....

[joiei]

Wow... what in the world did they spend their money on?  The interior wasn't over the top and it wasn't open long enough for staff costs to be that high. 

Underfunding a restaurant can be a death knell from before they open the doors for the first day of business.  No matter how frugal you try to be or how good your food is, if you are over extended before you start, the hill can be way too high to climb and overcome.  I feel bad for them, they had a decent product.   Too bad.

[FOTD]

Yes. Nice environment. Too much investment for this area with 4 competitors nearby.

Wonder what bank got hung with this loan? Taxpayer bailout? Not likely. Probably some international cartel laundering money....

Su Su Sushi good bye.....