PROVIDENCE – Gracie’s Ventures Inc., the owning entity of Gracie’s restaurant on Washington Street and the adjacent café Ellie’s Bakery, has filed for Chapter 11 bankruptcy protection, according to a report Monday by WPRI-TV CBS 12.
WPRI says that the company reported more than $1 million in liabilities owed to more than 50 creditors, including $614,663 connected to two U.S. Small Business Administration emergency loans that were given during the ongoing COVID-19 pandemic. Owner Ellen Slattery said that filing for Chapter 11 will both allow Gracie’s to restructure its finances and keep the establishments in business.
Slattery did not immediately respond Monday to a request for comment.
Gracie’s will stay closed this month due to restrictions put forth by the state to stem the rising number of coronavirus cases, WPRI reported, but Slattery said she hopes to reopen in January. The bakery is currently open for takeout.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
