A Scarsdale area dentist has filed for bankruptcy protection for his dental implants practice and four related businesses, citing crushing debts and the impact of the Covid-19 pandemic.
Dale D. Goldschlag declared nearly $42,000 in assets and $3.5 million in liabilities in five Chapter 11 reorganization petitions filed June 16 in U.S. Bankruptcy Court, White Plains.
In 2021, the businesses grossed nearly $10.4 million in revenues.
Goldschlag declared in a bankruptcy filing that his businesses “ceased nearly overnight,” due to pandemic restrictions, and they “never achieved a full recovery to pre-pandemic levels.”
The businesses owe about $2.3 million for unforgiven governmental pandemic assistance loans. Goldschlag also made several merchant cash advance deals — typically, high interest, short-term loans — but was unable to generate enough cash flow to repay all of them.
He said a former controller failed to file annual tax returns on time and then resigned in December, leaving the businesses unorganized.
The businesses include:
- Dale D. Goldschlag DDS P.C., doing business as Contemporary Dental Implant Centre on Central Park Avenue in Greenburg. It also leases offices in Brooklyn, Massapequa Park, and Valley Stream.
- Contemporary Management Services, overseeing back-office operations such as patient scheduling and marketing.
- CDIC Holdings, for leasing an office in Pomona, Rockland County and owning many of the dental practice assets.
- Refined Dental Laboratory, for fabricating dental crowns at a lab in Valley Stream, Nassau County.
- Total Dental Implant Solutions. doing business as Genicore, a medical device company that specializes in dental implants.
Goldschlag is sole owner of all but Genicore, of which he owns 60%.
The businesses employ 27 people and also work with dentists who are independent contractors.
Accountants are updating and straightening out the financial records, Goldschlag said, and the key personnel, brand and good reputation remain intact.
If the businesses are relieved of their current loan obligations and are able to focus on marketing, he said, they “will remain viable operations long-term with an opportunity to grow again over time.”
They are represented by Manhattan bankruptcy attorney Robert L. Rattet.
