Molly Maguire's Owners, Corporations File for Bankruptcy
Monday, July 21, 2014 • 11:55pm
The owners of the Molly Maguire's chain of pub and restaurants, located in Lansdale, Downingtown, and Phoenixville, have filed for Chapter 11 bankruptcy, according to documents filed with the U.S. Bankruptcy Court of the Eastern District of Pennsylvania.
According to court documents of the voluntary petition filed July 10, business partners Declan Mannion, of Fox Run Lane, Newtown Square, and Conor Cummins, of the 1000 block of Cedar Ridge Drive, Pottstown, recorded as individual debtors, have between $1 million and $10 million in liabilities owed and in assets, each. The nature of the debt is business, per documents, and both are awaiting their first meeting on the filing.
Mannion and Cummins owe mainly business debts to creditors that include Best Buy Credit Services, Home Depot Credit Services, Chase Freedom Card, Toyota Financial Services, and Bank of America. No unsecured creditors claims list was available in the filing.
Furthermore, on July 11, Chapter 11 bankruptcy petitions for business debt were filed by the corporations Molly Maguire's Restaurant and Pub, Inc., of Phoenixville; Molly Maguire's Restaurant and Pub, Inc. II, of Lansdale and Phoenixville, and Molly Maguire's Restaurant and Pub III, Inc., of Downingtown, per court documents.
The Molly Maguire's Pub, Inc. filing lists 45 creditors, including Comcast, Coca-Cola, Keystone Health Plan East ($10,023 owed); Pennsylvania Department of Revenue ($9,837 owed); Phoenixville Emergency Care Specialists, Bryznicky and Associates ($50,000 owed) and U.S. Foods ($38,773 owed), per documents.
The Molly Maguire's II, Inc. filing lists creditors including Lansdale Borough ($4,194 for June electric, $3,995 for May electric and $1,049 for sewer); Milestone Bank, Pennsylvania Department of Revenue ($8,245 for May and June sales tax); PECO ($999), Sysco Philadelphia, Sweet Ruminations ($732) and U.S Foods ($33,262 owed), per court documents. All in all, unsecured claims from creditors total more than $64,475, per court documents.
The Molly Maguires III, Inc. filing lists 29 creditors, including Metro Elevator ($25,000 owed); Comcast ($723 owed); Coca-Cola ($2,279 owed); Downingtown Borough ($2,417 owed); Kint Beverage ($1,179 owed); PECO ($7,572 owed); U.S. Foods ($54,417 owed) and Waste Management ($1,445 owed). All in all, total unsecured claims against Molly Maguire's are about $126,000, per court documents. The filing lists assets and liabilities for the corporations totaling no more than $50,000.
Both Mannion and Cummins have completed credit counseling, per reports.
Since opening in Lansdale at Wood and Main streets in 2010 -- Lansdale Mayor Andy Szekely, who is personified in a painting inside the restaurant, has credited himself as being the initial point person to attract Mannion and Cummins to town -- Molly's has been the site of many an event in the borough, including a flash mob proposal, wedding and Lansdale Area Fundraising Society's Molly 1-Miler Run on St. Patty's Day.
Molly Maguire's in Lansdale was made possible through a $550,000 sale of the property to MMRP, LLC by Eugene Riccio, of real estate firm Eugene M. Riccio Associates, Inc., according to Montgomery County property records. Wood Street was also condemned and reconfigured to provide for the construction of Molly Maguire's.
Mannion and Cummins have no affiliation with The Molly Maguires Pub & Steakhouse located in Jim Thorpe, Pa.