Lavar Arrington's Restaurant Goes Bankrupt
 

From Today's WP:

[B]Bankruptcies[/B][INDENT][SIZE=2] Monday, June 15, 2009 [/SIZE]
These firms recently filed with the U.S. Bankruptcy Court's local clerk of court offices.


Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court.
[I]F. A. M. M. LLC, doing business as [B]The Sideline[/B][/I]

880 G Capital Centre Blvd., Largo, Md. 20774

Type of filing: Chapter 11 reorganization

Case number: 09-20450

Date filed: June 9

Attorney: Bennie Brooks, 301-731-4160

Assets: Zero to $50,000

Liabilities: $1,000,001 to $10 million

Largest unsecured creditor: Commercial Interiors, $766,268
[/INDENT]
Assets: Zero to $50K?




Damn.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

I don't think any business has seen any real success in that area where Capital Center (USAirways Arena) used to be. I thought it had gone bankrupt a while though

Arrington seems to have turned his focus on his career management business lately though

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

Restaurant business is probably one of the hardest business to be succesful in. Food cost kills you.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=mredskins;562891]Restaurant business is probably one of the hardest business to be succesful in. Food cost kills you.[/quote]

true that, but it's often because owners have to jump in w/out being able to properly outfit their place & market. In Lavar's case, the startup funds were there, even if through financing. Not trying to kick him while he's down though, his timing was just bad.

Interesting that Smoot said nothing has ever done while in that area. A friend of mine in DC was saying how much Landover sucks, which I agree with, and that nobody wants to go out there. The Bullets/Wiz left for the City, I hope the Skins do too before 2017 (not totally random, I figure that's somewhat realistic if danny wants to).

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=mredskins;562891]Restaurant business is probably one of the hardest business to be succesful in. Food cost kills you.[/quote]
It's actually labor and dealing with personnel issues that are the worst.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=Slingin Sammy 33;562897]It's actually labor and dealing with personnel issues that are the worst.[/quote]


I was speaking in turning a profit but yes those are major headaches as well. You basically want to run with a 30% food cost, this is very hard to do when folks are stealing from you (how many business can their products be stolen by swallowing them? ), mistakes, spoilage, etc...

Ever wonder why there are so many Pizza places? It is probaly the easiet restaurant model to run. A pizza cost like a $1 to make and they charge like what $13 for a large. As long as you keep a close eye on your cheese it would be hard to fail becuse of food cost, so much built in profit.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=Slingin Sammy 33;562897]It's actually labor and dealing with personnel issues that are the worst.[/quote]
It's really everything and in this economy and in that location,use to be you had them come in becuase of the food and made your money on the liquor.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

Restaurants always look appealing as an 'easy' way to start a business, but for all the reasons you guys started, it's the last one I would recommend to a client in most cases.

Only exceptions are the pizza style place or something like a Five guys franchise.

Couple the terrible location and the horrible economy (one you could predict, the other not so much) and it was doomed from the start.

Kind of Ironic The Daniel has Six Flags go belly up and Lavar this place go under the same week.

J-Dawg

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=jgalecpa;562907]Restaurants always look appealing as an 'easy' way to start a business, but for all the reasons you guys started, it's the last one I would recommend to a client in most cases.

Only exceptions are the pizza style place or something like a Five guys franchise.

Couple the terrible location and the horrible economy (one you could predict, the other not so much) and it was doomed from the start.

Kind of Ironic The Daniel has Six Flags go belly up and Lavar this place go under the same week.

J-Dawg[/quote]


I have a buddy whose dad owns a Five Guys, they are not easy. Ground beef is expensive and leaves very little room for error. Espically when you don't freeze our meat, if you over order you could be dumping a lot of money in the form of spoiled meat into the trash can a few days later.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

I heard somewhere that 9 out of 10 newly opened restaurants that have been open for a year close the following year...guess his is one of those 9

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=mredskins;562911]I have a buddy whose dad owns a Five Guys, they are not easy. Ground beef is expensive and leaves very little room for error. Espically when you don't freeze our meat, if you over order you could be dumping a lot of money in the form of spoiled meat into the trash can a few days later.[/quote]

Love 5 Guys,doesn't hurt either when the Prez and the Mrs stop by .:food-smil

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=mredskins;562891]Restaurant business is probably one of the hardest business to be succesful in. Food cost kills you.[/quote]

Especially the cost of cheese in the last year or so. Insanely expensive. Pizzerias are getting killed.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

My dad used to always tell me "Just because you can do something doesn't mean you should". Just because a celebrity can open restaurant/club/bar, doesn't mean he should. Crispy Cream and Starbucks could have learned that lesson too.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

My question is why did Lavar even want to open up a restuarant in the first place? I am not sure how much Lavar made while with the Redskins and Giants, but lets say on the low end he took in $30 million total. So after taxes lets he has $15 million in the bank. You can take that $15 million and invest in something super conservative making 5% and pull in $750,000/year before taxes - if someone can't live on that without lifting a finger they need some serious financial help. So I would like to know - who is advising Lavar on his financial investing and why do we see countless stories about athletes and high profile entertainers who invest in businesses and are now practiclly broke? I mean look at Mike Vick - why on Earth is he in so much debt with what he made?

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

Cause family members and friends talk them into this crap.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=mredskins;562899]I was speaking in turning a profit but yes those are major headaches as well. You basically want to run with a 30% food cost, this is very hard to do when folks are stealing from you (how many business can their products be stolen by swallowing them? ), mistakes, spoilage, etc...

Ever wonder why there are so many Pizza places? It is probaly the easiet restaurant model to run. A pizza cost like a $1 to make and they charge like what $13 for a large. As long as you keep a close eye on your cheese it would be hard to fail becuse of food cost, so much built in profit.[/quote]I actually own a pizza restaurant as a side business. The food costs still run 26-28% (we do subs, pasta too). The cheese is the hardest to track and most expensive (although cheese costs are actually down over the last 6 months). Getting the cooks to consistently measure the cheese is difficult.

The actual labor costs when you figure taxes etc. runs about the same percentage as food. Making sure the employees are being productive even in slow hours is hard to do. Then you have drivers who like to stop by their buddies place between deliveries, frequent "smoke breaks", waitresses who like to talk all shift, etc. The fun never ends.

At the end of the day, even in the weakened economy we're keeping our heads above water, so we're very thankful.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=Bill B;562954]I mean look at Mike Vick - why on Earth is he in so much debt with what he made?[/quote]Repaying $ 6.5M, legal fees, weed, dog food, dog steriods, etc. That stuff ain't cheap.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=Slingin Sammy 33;562962]I actually own a pizza restaurant as a side business. The food costs still run 26-28% (we do subs, pasta too). The cheese is the hardest to track and most expensive (although cheese costs are actually down over the last 6 months). Getting the cooks to consistently measure the cheese is difficult.

The actual labor costs when you figure taxes etc. runs about the same percentage as food. Making sure the employees are being productive even in slow hours is hard to do. Then you have drivers who like to stop by their buddies place between deliveries, frequent "smoke breaks", waitresses who like to talk all shift, etc. The fun never ends.

At the end of the day, even in the weakened economy we're keeping our heads above water, so we're very thankful.[/quote]
Good to here your business is doing OK. What's the name of your restaurant and where is it located again?

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

Yes, please post the name and location of your restaurant - glad to support a skins fan.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

I'll help Slingin' Sammy out. Here you go

[url=http://www.pembrokepizza.com]Welcome to Pembroke Pizza & Pasta[/url]

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

So i guess no one remembers the person who was shot and killed at this resturaunt?

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

Ive been to Lavar's restaurant several times, and while the menu wasn't the greatest the atmosphere was kool at times and also had some fine ladies come thru. He would have comedies and old school rappers perform and just mingle in the crowd afterwards. He also had a few bottles of cognac that cost like $2000 a bottle or $250 a shot that he had to place on a shelf that only a manager could get to with a ladder. So Im sure he was dealing with theft and "hook-up" issues also. Largo isn't the best location in the world but it seems many businesses over there at the Blvd. always seem crowded due to limited options in P.G. County.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

..i dont think there was a shooting at Sidelines..that was at Uno's in the same shopping center though...

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

March 1st 2009, google it.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=SmootSmack;562989]I'll help Slingin' Sammy out. Here you go

[URL="http://www.pembrokepizza.com"]Welcome to Pembroke Pizza & Pasta[/URL][/quote]
Thanks Smoot. Actually covering for someone tonight at PP&P.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=SmootSmack;562989]I'll help Slingin' Sammy out. Here you go

[url=http://www.pembrokepizza.com]Welcome to Pembroke Pizza & Pasta[/url][/quote]

Never been there Sammy, but I will make a point of eating there sometime soon. :food-smil

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=SmootSmack;562989]I'll help Slingin' Sammy out. Here you go

[url=http://www.pembrokepizza.com]Welcome to Pembroke Pizza & Pasta[/url][/quote]

Great, now I'm hungry. LOL. I've never been to VA Beach, but if I'm ever there I'll check it out.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

His location was bunk and his business model was garbage. Largest creditor owed was an interior design company to the tune of nearly $800K? He's an idiot.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=stu_nna;562991]So i guess no one remembers the person who was shot and killed at this resturaunt?[/quote]

Naw, don't remember. Last I heard of LeVar he was hitting the airwaves calling Gibbs a coward.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

It will be interesting to see if Lavar goes broke sometime in the future. I remember seeing a show taking a tour through his house and he had a wall of flat screen tvs - when asked he said instead of having an actual fish tank he wanted a video fish tank - all the screens were linked together and when the fish swam around they would go from one screen to the next - I believe he about 9 flat screens tied together on that one wall just for this purpose. Anyway his entire house had no expense spared so I hope he has a good side financial investor helping him out because money can disappear in a hurry.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=stu_nna;562991]So i guess no one remembers the person who was shot and killed at this resturaunt?[/quote]


Yup ,I do.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

Me too.

I didn't want to mention it when I started the thread, in case some one said I was piling on LA, when all I wanted to do was disseminate the news I found tucked away in a corner of a newspaper.

I think the shooting was reflective of the bad location, unfortunately.

I grew up about 2 miles from there and would never be in the area after dark except for a Skins game.

I think a lot of the folks here hit on the problem athletes face regarding holding on to their money after their career ends.

First they spend like CRAZY, keeping up appearances and supporting their friends who would suck them dry if possible.

Then when the spotlight is turned off, the restaurant business seems an attractive wasy to be out front and be glad-handing people.

But as posters can attest, it is one hard way to make a living.

I think if anyone wants to see the best model for how an athlete should handle themselves financially, look at Sugar Ray Leonard who was raised within 1 mile on Fedex field.

He hired a good lawyer as his financial manager (Mike Trainer) when people like Don King were ruling the other boxers.

He didn't live (too) ostentatiously and had a successful follow-on career doing announcing and commercials.

He's someone we can all emulate:

Live within your means today and save for tommorow.

J-Dawg

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=Slingin Sammy 33;563013]Thanks Smoot. Actually covering for someone tonight at PP&P.[/quote]
Glad to hear it's doing well.

The site designers had good ambitions but fell short unfortunately.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=tryfuhl;563413]Glad to hear it's doing well.

The site designers had good ambitions but fell short unfortunately.[/quote]
We're looking at a re-work of the website in August. I agree it leaves a lot to be desired.

Re: Lavar Arrington's Restaurant Goes Bankrupt
 

[quote=Bill B;563058]It will be interesting to see if Lavar goes broke sometime in the future. I remember seeing a show taking a tour through his house and he had a wall of flat screen tvs - when asked he said instead of having an actual fish tank he wanted a video fish tank - all the screens were linked together and when the fish swam around they would go from one screen to the next - I believe he about 9 flat screens tied together on that one wall just for this purpose. Anyway his entire house had no expense spared so I hope he has a good side financial investor helping him out because money can disappear in a hurry.[/quote]


Actually that might be cheaper then setting up an actual salt water aquarium and maintaining it espically one of the size (the lenght of 9 flat screens).