The owners of Oakland’s favorite plant-based burger since 2019, Malibu’s Burgers on Piedmont Avenue, filed for Chapter 11 bankruptcy last week, alleging they were plagued by a “bad loan.” The old food truck has been transformed mega hotspot filed for Chapter 11 bankruptcy due to complications with a loan from a corporate financier Crediblethe San Francisco Business Times reports. Malibu brought in $1.14 million in revenue in 2021 and $257,000 in 2020, according to a court filing last week, but regardless owners only had $5,000 in assets and more. of $250,000 in liabilities, according to the document.
According to Business hoursfounder and co-owner Darren Preston believed he was taking an $85,000 loan from Credibly last year, but the deal was actually a debt purchase agreement. Credibly, they are now said to owe $114,325 in future debt under the deal, which included an interest rate of 9.7%. Credibly, he also began collecting a “daily installment amount” of $577.40 from Preston’s bank account. A virtual hearing is scheduled for March 29. Preston and the team will continue to serve burgers and shakes, saying the bankruptcy has no immediate impact on the day-to-day business.
Longtime Sacramento bar takes on new owners
The Bordisso family has held the deed to the Old Ironsides bar in Sacramento since 1934, just over 88 years, but now the family has passed ownership to business promoters Bret Bair and Eric Rushing. the Sacramento bee reports that the new owners have also launched bars Ace of Spades and the defunct Holy Diver, and plan to run Old Ironsides the same way it has for decades.
San Francisco fried chicken is flying east for the future
Hotbird, the Twitter building and pop-up phenomenon, is heading to Oakland. In one Instagram post, co-owners Aaron Nam and Caleb Longacre announced their time in town was over as a promising Oakland location lured them across the bridge. Fans can find them at 1951 Telegraph Ave #2 starting next month; deals website lets customers know that gift cards will still be valid at the new location.
Souvla and Square Pie Guys team up
Beginning April 4, Bay Area residents can enjoy fast-casual Greek chain Souvla alongside year-long flagship Square Pie Guys. The mashup is called the Souvla Pie Guys and features Souvla’s chicken salad on a pie. A launch event will take place on Sunday, April 3 from noon to 4 p.m. at Square Pie Guys’ new Oakland location. (There is a free scoop of Souvla frozen yogurt for all guests.) Reservations can be made here for the free event.
Livermore Vineyards are made by women, for women
the Mercury News tells the story of The Block, a cluster of five urban wineries on South Vasco Road, all of which are female-owned, and lists many other places to rock female-owned wineries. Many owners cite Livermore’s inclusive approach to the community as the reason they chose the area for their business over other areas.