Thursday, January 24, 2013

Idaho Business Review: Stagecoach Inn Files for Bankruptcy

Posted By on Thu, Jan 24, 2013 at 10:18 AM

stagecoach.jpeg

In this week's issue of Boise Weekly, we reported that the stalwart Garden City restaurant Stagecoach Inn had its liquor license seized by the state and put up for auction, which is scheduled to close today. Opening bid: a cool $75,000.

However, the Idaho Business Review reports another chapter in the saga of the ailing eatery: a bankruptcy filing, effective Jan. 22.

From the article:

The Stagecoach’s bankruptcy filings show state tax liens placed on the company in six separate months of 2012, valued at $75,000. The company also listed $120,000 in unpaid 2010 federal income taxes, $3,914 in unpaid 2012 state personal property tax, $6,324 in unpaid sales taxes for December 2012, and a $4,700 tax lien to the Idaho Department of Labor. The company also listed Garden City as a creditor, owing $3,229 to the city for business expenses.

Stagecoach Holdings also owes Business Lenders, a Connecticut-based small-business lender, $263,000 from a 2007 loan listed as purchase money.

The bankruptcy filing listed $110,000 in assets, as well as the seized liquor license, and almost $516,000 in liabilities. The assets included a $10,000 lease deposit for the restaurant building to Tiger Properties, a company [owners Rick and Jennifer Fraser] own.

The Stagecoach refused to comment to the Idaho Business Review about its future, but a statement posted on the restaurant's Facebook page assured the public it will remain open.

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