Street Breads of Southwest Louisiana LLC, which owns and operates Street Breads restaurants on Perkins Road and in Lake Charles, has filed for Chapter 11 bankruptcy protection.
The restaurant chain, which specializes in gourmet sandwiches, salads and pizzas, owes more than $846,600 to creditors, including some $598,000 to secured creditors and more than $248,000 to unsecured creditors, according to a petition filed earlier today in U.S. Bankruptcy Court for the Middle District of Louisiana. The company’s assets total some $187,900.
Among the company’s secured creditors are lenders in Lake Charles, Lafayette and New York. Its 20 largest unsecured creditors include several local vendors and suppliers, as well as East Baton Rouge Parish, which is owed $15,000 for unpaid sales taxes, and the Louisiana Department of Revenue, which is owed $25,000 in back taxes.
Multiple calls seeking comment to Street Breads owner Josh Priola and his bankruptcy attorney, Paul Douglas Stewart Jr., were not returned.
The filing came as a surprise to the restaurant’s local landlord, Frank Sagnibene Jr., who is not among the creditors. Sagnibene says the restaurant always pays its rent on time and appeared to be doing a good business.
Street Breads opened its first restaurant in Lake Charles in 2010 and expanded to the Perkins Road location in Baton Rouge in 2012.
In early November, Priola closed a second Baton Rouge location on Bluebonnet Boulevard that he had opened in the fall of 2016. At the time of the closure, he told Daily Report that sales at the Bluebonnet location were slow but that his other two restaurants were exceeding projections and that he hoped to soon announce a new partnership and expansion plans.