Clark’s Fish Camp & Seafood Inc. has filed for Chapter 11 bankruptcy following dwindling revenue and changes in management.
The seafood restaurant along Julington Creek in Mandarin sustained significant damage in Hurricanes Matthew and Irma.
Hurricane Irma forced the restaurant to be closed from Sept. 8 to Nov. 11, according to the bankruptcy filing.
The restaurant owes about $566,000 on a mortgage to BBVA Compass Bank.
Clark’s revenue has been as follows for the past few years:
2016: $3,300,000
2017: $2,800,000
2018: $890,000
Jack and Joan Peoples founded the restaurant in 1974. Jack died in 1999 and Joan stepped away from day-to-day operations in 2012.
The filing states that management at the restaurant led to a decrease in quality and a loss of patronage.
First Coast News received a statement from the attorney representing Clark's Fish Camp Tuesday afternoon. The statement indicates the restaurant is not closing and will "continue to provide the same quality dining experience to our patrons that we have provided since 1974 and will continue to pay our current payables as they become due."
The statement also explains the restaurant's decision to file for Chapter 11 bankruptcy.
The decision for us to utilize a Chapter 11 reorganization was not one made hastily. As many patrons of Clark's know, hurricanes Matthew and Irma caused significant damage to the restaurant and required us to close for prolonged periods of time in 2016 and 2017. The combined losses associated with the property damage and loss of income due to the closures put us in a financial position where we were unable to timely satisfy all of our creditors.
Stay with First Coast News as we continue to follow this developing story.
