Florida Village Inn Franchisee Files for Chapter 11 Bankruptcy
The Oldsmar restaurant operator cites rising costs and weak sales after previous hurricane impacts, marking the fifth such filing by the operator since June.
VI Oldsmar LLC, the operator of a Village Inn restaurant in Oldsmar, Florida, has filed for Chapter 11 bankruptcy protection. The company listed liabilities of approximately $554,076 against assets totaling about $72,335. The filing was made on September 18 in the U.S. Bankruptcy Court for the Middle District of Florida, opting for Subchapter V, a streamlined process for small businesses.
The restaurant's assets include $5,235 in cash, $15,000 in food and paper inventory, $50,000 in kitchen equipment, and roughly $2,100 in office furniture and equipment. Among its largest creditors are 3682 JAGS LLC, owed $250,000; the Florida Department of Revenue, owed $120,400; the Internal Revenue Service, owed $78,500; US Foods, owed approximately $40,301; and Sysco, owed $30,000.
According to the Tampa Bay Business Journal, the franchisee has faced challenges stemming from the lingering effects of hurricanes that impacted the Tampa Bay region in 2024, in addition to declining sales and increasing operating expenses. Despite the bankruptcy filing, the Oldsmar Village Inn remains open and has no immediate plans to close, an employee at the location confirmed.
This is the fifth Chapter 11 bankruptcy filing since June by franchisees managed by Lloyd D. Lehan IV, who is the managing member of VI Oldsmar LLC. The latest filing follows a similar petition last month by Bay Pines Group LLC, also owned by Lehan, which operates a Village Inn in Seminole, Florida.
Village Inn, originally founded in Denver in 1958, operates over 100 franchised and company-owned restaurants across Colorado, Florida, Texas, and Arizona. Representatives for Village Inn, Lloyd D. Lehan IV, and the Oldsmar restaurant did not immediately respond to requests for comment.