Wild Wing Cafe Franchise Owner Says 'Business Is Strong' In Wake Of Chapter 11 Bankruptcy

Despite filing for Chapter 11 bankruptcy, the owner of Wild Wing Cafe said Tuesday that "business is great," and he has no plans to lay off employees or close.

Advertisement Quantcast A nearby business also on Biltmore Avenue, Dripolator coffee shop, is scaling back and moving just to the north of downtown.

"I'm not going anywhere - I'm here to save my business," said Wild Wing owner Dave McFarland, who opened the popular restaurant and sports bar with a partner in 2004 and took sole ownership in January. "We've got a great business. There were just some key responsibilities I was unaware that weren't being met." In its federal court filing last month, the company listed debts of $1.6 million and assets of $33,500. Largest creditors include the Internal Revenue Service, which is owed $658,547; food supplier Sysco Corp., owed $128,009; and the state of North Carolina, owed $66,677 in sales taxes. Several individuals are listed as being owed more than $100,000 apiece, although McFarland said those numbers may be high.

Chapter 11 bankruptcy allows a company to reorganize while staying in business. The local Wild Wing, which is a franchise operation of a chain, lists its estimated average future gross monthly income at $200,000 and its net employee payroll at $62,000.

The location at 161 Biltmore Ave. opened in 2004 and employs about 90 people. McFarland said revenue is down 6 percent for the first three months of this year, which he said is not too bad considering the economy.

"I just needed to identify our problems, restructure and dig our way out of it and come up with a reorganization plan," McFarland said. "The business is strong."

Wild Wing Cafe News and Press Releases

This article has been read 2636 times.

Would you like to own a Wild Wing Cafe Franchise?

For more information about becoming a Wild Wing Cafe Franchise owner, including a franchise overview, start-up costs, fees, training and more, please visit our Wild Wing Cafe Franchise Information page.