The future of Dixie House on Gaston Avenue is murky at best after its parent company, Restaurants Acquisition I, Llc., filed for bankruptcy this week, the Star-Telegram reports.
Dixie House is in the Black-eyed Pea family of chain restaurants, which was launched by Dallas resident Gene Street in 1975, but was later acquired by Restaurants Acquisition I, Llc.
We reported about the company’s financial woes back in 2008, when the number of restaurants in the chain had been reduced from a high of 130 across much of the south, to 48 locations exclusively in Texas in Colorado. Since then, it appears the situation has only gotten worse. Black-eyed Pea now lists just 15 locations on its website, 14 of which are in Texas, with one in Tennessee.
In its chapter 11 bankruptcy fillings, the company claims debts between $10 million and $50 million, but assets at just $1 million to $10 million.
Calls to Black-eyed Pea’s media line were not immediately returned. We will continue investigating what this bankruptcy means for Dixie House, which has stood on Gaston Avenue for more than 30 years, and whose clock was the talk of the town in recent year.
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