Down House, Houston

March 29, 2017 Comments Off on Treadsack Restaurant Group Seeks Bankruptcy Protection Views: 330 Houston-Galveston, Texas News

Treadsack Restaurant Group Seeks Bankruptcy Protection

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Mothership Ventures LLC, which runs the Treadsack restaurant group, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court Southern District of Texas. Mothership Ventures includes Hunky Dory and Bernadine’s restaurants, which are in Houston’s Heights neighborhood. Treadsack’s additional bar and restaurant holdings, operating under affiliated LLCs, are Down House, D&T, Drive Inn and Johnny’s Gold Brick.

In January 2017, the Texas Comptroller’s Office threatened to seize Treadsack’s cash for back taxes. The IRS placed a $1.1 million lien on the business, which is co-owned by Chris Cusack and Joey Treadway. Additionally, the partners, the company and operating LLCs were sued by an investor for $60,000 for breach of contract.

Local media indicated that the company’s financial problems were likely an offshoot of rapid expansion. Treadsack opened Hunky Dory in October 2015, Bernadine’s in December 2015 and Canard in March 2016. Canard shut down at the end of 2016.

Read More at Houston Chronicle

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