Nick Pihakis, the beleaguered multi-concept operator of a number of now-closed restaurants across the South, filed for Chapter 7 bankruptcy on Thursday.
The CEO and founder of Birmingham, Alabama-based Pihakis Restaurant Group claimed liabilities of about $44 million in the filing, with assets of about $10.6 million in personal property, according to the filing in U.S. Bankruptcy Court for the Northern District of Alabama.
The bankruptcy follows months of restaurant closures across four states, including the four-restaurant development known as Valley Post, the Greek restaurant Tasty Town, multiple locations of Rodney Scott Whole Hog BBQ, Little Donkey, and (four-unit) Joyland, as well as 3-unit Hero Diner, Luca Lagotto, Luca & Lucy, Magnolia Point in Birmingham, and more.
Pihakis also faces a number of lawsuits filed by landlords, lenders, vendors and others tied to his business ventures.
Several landlords involved with Pihakis Group brands are seeking a stay in the Chapter 7 bankruptcy, arguing that Pihakis owes unpaid rent on several properties. A hearing on the stay is scheduled for later this month.
Pihakis is the “Nick” in Jim N’ Nick’s Bar-B-Q, which he founded with is son, and now has about 63 units. It was acquired by Roark Capital in 2017.
Pihakis has been named a semifinalist for Outstanding Restaurateur Award by the James Beard Foundation six times, though he never won.
Signs of trouble for the restaurant group began in April with the abrupt shuttering of Tasty Town. Others soon followed.
Last week, for example, the fourth unit of Joyland, a concept opened in partnership with famed chef Sean Brock, closed in Birmingham.
Some concepts, like the Homewood, Alabama Mexican restaurant Little Donkey and the former Luca Lagotto (now called Salice), have transitioned to new ownership and are reportedly still operating.
Dining and Cooking