Marra Restaurants For Sale, Including The Grille
The restaurants will remain open, a spokesman said.
The seven restaurants owned by the Marra Restaurant Group – including the Grille on Main and the defunct Post Office Café - are up for sale, according to Bill Fischer, spokesman for Marra’s receiver.
The Marra Restaurant Group went into receivership in December. Receivership is a form of bankruptcy where a company can avoid liquidation by reorganizing with the help of a court-appointed “receiver” or trustee.
Fischer, who represents receiver Jonathan Savage, stressed that all of the restaurants currently in operation will remain open.
“I don’t want there to be an appearance that we’re shutting down the restaurants,” Fischer said. “They will stay open.”
Typically, according to Fischer, businesses in receivership either put forth a plan for how to deal with their problems or the assets are sold. The Marra situation falls in the second category.
“The receiver believes this is in the best interest of the Marra Restaurant Group going forward not only for the employees but the creditors," he said.
Under the terms of the receivership, Marra's pre-petition debt have been put on hold and Marra is expected to pay bills going forward.
“The best-case scenario is if assets are sold as a going concern. These restaurants are all functioning and healthy,” Fischer said.
He said that there are “multiple parties” interested in the Marra properties, including those “related to the current management group.”
According to an advertisement that ran in the Providence Journal on Tuesday, the receiver “recommends” that all offers be submitted by Feb. 15.
At some point after Feb. 15, Fischer said, a court date will be set and the receiver will present whatever offers were submitted, as well as a recommendation to the judge about which offer he thinks best.
Although the receiver is in charge of the overall future of Marra’s holdings, according to Fischer, Steve Marra is still running the restaurants.
“He’s certainly involved in the day-to-day operations of these restaurants,” said Fischer. Marra did not return phone calls Tuesday.
Mutato
10:41 am on Wednesday, January 26, 2011
It's like the recent housing crisis. You build too many, then it all collapses. E.G. has way too many restaurants.
Barrington Starr
2:42 am on Monday, January 31, 2011
They may have too many rstaurants but the Grille on Main is a home to many. Stop the hate and show some respect
Mark
11:05 am on Monday, January 31, 2011
It is sad that the Marra restaurants have had some issues lately. People need to look back about 15 years ago when the Post Office Cafe was actually an empty Post Office that no one knew what to do with. Also, Steve took "Alais Smith & Jones" and transformed it into the Grille on Main. Steve was a big part of helping downtown main street become what it is today.
Barrington Starr
2:43 pm on Monday, January 31, 2011
It is sad. Steve has hundreds of employees with families and their jobs and careers are important them for their survival. With all the unemployment scams out there and the lack of work ethic of some, people like to kick people when they are down. But these employees are ones who show up to work every week with a sense of pride. So enough with the bad press and the negativity, show some compassion for the workers.
RI Citizen
9:01 pm on Wednesday, August 31, 2011
@ Barrington Starr, are you reading the same article because no where in the article does it put the employees down. It talks about the Marra Group financial mess and the bankruptcy. This is not bad press, its just life as we see it day to day!!!!