Anchor Bar in Stony Point Fashion Park closed in October. (J. Elias O’Neal)
A short-lived restaurant at a Southside mall has left behind some debt in the wake of its abrupt closure.
An entity tied to the now-defunct Anchor Bar location at Stony Point Fashion Park last month filed a confession of judgement, admitting to owing and agreeing to pay Union Bank & Trust nearly $287,000 on a defaulted loan, according to Richmond Circuit Court documents.
David and Nancy Allred, who opened the Stony Point Anchor Bar in February, through their When Buffaloes Fly Inc. secured a $350,000 loan from Union for the restaurant in February 2017, court filings show.
A new-to-market concept, Anchor Bar took over the 8,500-square-foot space left vacant in 2014 by Champps Americana.
The restaurant abruptly closed in late October after eight months in business, much to the surprise of mall patrons and the restaurant’s staff.
The bank filed for a judgement against When Buffaloes Fly and the Allreds on Nov. 6. The Allreds acknowledged in a filing Nov. 20 that they owed the balance of the loan.
As part of the judgement, the couple must pay the principal amount, accrued interest and late charges totaling nearly $250,000, the court document said. It also must pay roughly $37,000 in attorneys’ fees.
While loan documents submitted in the judgement did not specify the use of the funds or how long the loan was in default, a provision in the application called for the confession of judgment to be issued “upon a default of payment.”
The Allreds and Union Bank did not return calls for comment Monday.
David Allred had said previously to BizSense that would use the Stony Point location as a testing ground for additional Virginia franchises.
Anchor Bar operates five locations in New York and two in Canada, according to its website. The Stony Point spot was its first in Virginia.
Anchor Bar in Stony Point Fashion Park closed in October. (J. Elias O’Neal)
A short-lived restaurant at a Southside mall has left behind some debt in the wake of its abrupt closure.
An entity tied to the now-defunct Anchor Bar location at Stony Point Fashion Park last month filed a confession of judgement, admitting to owing and agreeing to pay Union Bank & Trust nearly $287,000 on a defaulted loan, according to Richmond Circuit Court documents.
David and Nancy Allred, who opened the Stony Point Anchor Bar in February, through their When Buffaloes Fly Inc. secured a $350,000 loan from Union for the restaurant in February 2017, court filings show.
A new-to-market concept, Anchor Bar took over the 8,500-square-foot space left vacant in 2014 by Champps Americana.
The restaurant abruptly closed in late October after eight months in business, much to the surprise of mall patrons and the restaurant’s staff.
The bank filed for a judgement against When Buffaloes Fly and the Allreds on Nov. 6. The Allreds acknowledged in a filing Nov. 20 that they owed the balance of the loan.
As part of the judgement, the couple must pay the principal amount, accrued interest and late charges totaling nearly $250,000, the court document said. It also must pay roughly $37,000 in attorneys’ fees.
While loan documents submitted in the judgement did not specify the use of the funds or how long the loan was in default, a provision in the application called for the confession of judgment to be issued “upon a default of payment.”
The Allreds and Union Bank did not return calls for comment Monday.
David Allred had said previously to BizSense that would use the Stony Point location as a testing ground for additional Virginia franchises.
Anchor Bar operates five locations in New York and two in Canada, according to its website. The Stony Point spot was its first in Virginia.
Poor folks. Seems they didn’t know what they were getting into from square one.