One of Charlotte’s best-known local restaurant groups has just filed for bankruptcy with $4.8 million in unsecured debt.
Seoul Food Meat Co. and Let’s Meat KBBQ Corp. both filed for Chapter 11 protection on Oct. 29. The businesses are operated by husband-and-wife team Tim Chun and Lisa Kamura.
The group’s Charlotte footprint extends well beyond the two restaurant names.
It operates Seoul Food Meat Co. locations in South End and the Mill District, plus Let’s Meat KBBQ in South End. The company also operates Urban District Market and eight food stalls inside the massive Mill District food hall.
Court documents point to financial pressure from merchant cash advances, a form of financing repaid through business revenue.
Despite the bankruptcy filings, the restaurants are not automatically closing.
Chapter 11 allows businesses to restructure debts while continuing operations. Court records show both companies have already sought approval to continue paying employees, maintain bank accounts and use operating cash.
Seoul Food’s bankruptcy filing also lists the company under the MOB Group and Urban District Market names. Both bankruptcy cases are being handled in federal court in Charlotte.
The filings put nearly $5 million in unsecured debt behind one of Charlotte’s most recognizable locally grown restaurant groups.
