The Bull’s Head Diner, a classic Greek eatery in Stamford”™s Ridgeway-Bulls Head neighborhood, has filed for bankruptcy protection.
The diner listed only two creditors, the IRS and its landlord, on a Chapter 11 petition filed July 2 in U.S. Bankruptcy Court in White Plains. It did not specify how much money it owes them.
The company maintains an office and records at 55 W. Main St. in Elmsford, the site of the Eldorado Diner, which is not named as a co-debtor in the bankruptcy case.
“Through no fault of its own,” Bull’s Head President Dimitrios Kitsios said in a declaration, the diner “underperformed due to the unprecedented downturn brought about by COVID-19, coupled with the challenge of renegotiating an expensive lease with a relentless landlord.”
Kitsios stated that he has operated the Bull’s Head Diner for 27 years and it “has become a staple of the community it serves.”
Last year, the diner booked $1.9 million in revenue, but the pandemic caused it to lose business as it was already trying to figure out how to deal with “past-due obligations.”
The business needs relief from rent payments owed to the landlord, Bull’s Head Realty, Kitsios stated, and from debts to suppliers. It has insufficient cash on hand to meet current obligations, let alone past due obligations.
The diner has not yet filed schedules that would detail its assets and liabilities.
Kitsios expects the diner to take in about $120,000 this month, and spend $115,000.
The company is exploring “strategic alternatives, he stated, but “no viable alternatives are available ”¦ at this time.”
Bull’s Head is represented by Manhattan attorney Lawrence F. Morrison.
