At this time the Raton Dairy Queen remains open for business.
By Holly Mayfield
KRTN Multi-Media
The Raton economy may take another hit as the parent company of the local Dairy Queen filed for Chapter 11 bankruptcy, in Fort Worth, TX, on Monday, October 30, 2017.
Vasari LLC, of Irving, TX, a Dairy Queen franchisee, owns/operates approximately 70 locations in Texas, New Mexico and Oklahoma according to court records from the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division. As of Tuesday, October 31, 2017, 22 store locations have already been closed. The franchisee also owns the store in Clayton but it has not been closed or shows up on a list of those to be closed.
Vasari LLC has filed for Chapter 11 bankruptcy. Chapter 11 allows for a business to reorganize its debts and includes a plan to pay its creditors over time, while keeping its business alive.
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At this time the Raton Dairy Queen remains open for business.
The following statement was provided by Vasari LLC.
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IRVING, Texas, Oct. 30, 2017 – Vasari LLC, a Dairy Queen franchisee based in Texas, filed today for Chapter 11 bankruptcy protection. Under the Chapter 11 protection, the franchisee will restructure the company to close a significant number of underperforming restaurants by the end of the year, resulting in a smaller but financially stronger company with approximately 45 remaining restaurants in growing markets.
For continuously updated information on closures and the restructuring, visit donlinrecano.com/vasari.
“This decision was based solely on what’s best to have a healthy company and ensure the long-term success of our core restaurants for our customers, employees and other stakeholders,” said William (Bill) Spae, president and CEO of Vasari. “Given the support we have from our primary stakeholders toward a consensual plan of reorganization, we believe this process should have minimal impact on our customers and employees at the remaining restaurants.”
The restructuring allows the company to protect approximately 700 jobs at its remaining restaurants. Employees at affected locations are being paid in full for time worked, and both human resources and area operations managers are available during crew members’ transition. Vendors, customers or others with questions may direct them to Donlin, Recano & Company, Inc at (212) 771-1128 or vasariinfo@donlinrecano.com.
In the coming years, Vasari plans to modernize and improve facilities in its remaining restaurants.
The following is a preliminary list of stores to be liquidated according to a motion to retain an auctioneer
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1 Hobbs 220 West Bender Boulevard Hobbs New Mexico 88240
2 Raton 1630 Cedar Street Raton New Mexico 87740
3 Clinton 720 West Gary Boulevard Clinton Oklahoma 73601
4 Admiral 7819 East Admiral Place Admiral Oklahoma 74115
5 Owasso 9495 North Owasso Expressway Owasso Oklahoma 74055
6 Crosbyton 303 West Main Street Crosbyton Texas 79322
7 Denver City 500 West Broadway Denver City Texas 79323
8 Idalou 108 West 1st Street Idalou Texas 79329
9 Lockney 217 South Main Street, Lockney, TX 79241 Lockney Texas
10 Merkel 1107 North 7th Street Merkel Texas 79536
11 Post 601 North Broadway Post Texas 79356
12 Seagraves 1005 Railroad Seagraves Texas 79359
13 Clarendon 603 West 2nd Street Clarendon Texas 79226
14 Claude 298 West 1st Street Claude Texas 79017
15 Coleman 2000 South Commercial Avenue Coleman Texas 76834
16 Perryton 1014 South Main Street Perryton Texas 79070
17 Shamrock 1243 North Main Street Shamrock Texas 79079
18 Wellington 1010 Houston Street Wellington Texas 79095
19 Dalhart 215 Oak Avenue Dalhart Texas 79022
20 Dumas 224 S. Dumas Avenue Dumas Texas 79029
21 Gruver 200 Main Street Gruver Texas 79039
22 Haskell 211 North 1st Street, Haskell, TX 79521-5904 Haskell Texas 79521
23 Stratford 502 East Texas Avenue Stratford Texas 79084
24 Cedar Hill 303 West Copper Street Cedar Hill Texas 75104
25 Carrollton 3488 East Rosemead Parkway Carrollton Texas 75007
26 Waco 125 LaSalle Waco Texas 76706
27 San Augustine 1010 Nacogdoches Highway San Augustine Texas 75972
28 Conroe 1612 North Frazier Street Conroe Texas 77301
29 Giddings 977 East Austin Street Giddings Texas 78942
