NEWPORT, Ky. (WKRC) – Velocity Esports, Inc. has filed for Chapter 11 bankruptcy.
TheStreet reported on Thursday that the popular arcade restaurant and bar chain filed for Chapter 11 bankruptcy protection to reorganize its business after closing a location at the Woodfield Mall in Schaumburg, Ill.
According to the outlet, the chain still operates its locations in Newport and Las Vegas but another location that was planned for Orlando has not opened.
Velocity Esports, Inc. filed for a Chapter 11 bankruptcy in the District of Nevada on Wednesday, according to BankruptcyObserver.com. It was a voluntary filing. The company listed $1 million to $10 million in assets and liabilities in its file.
“VELOCITY ESPORTS, INC. indicated on its bankruptcy petition that it does not expect there will be sufficient assets in the estate to make a payment to the unsecured creditors,” wrote BankruptcyObserver.com.
