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Soupman Bankruptcy: Chapter 11 for Soup Nazi-Inspiring Eatery

Image: Soupman Bankruptcy: Chapter 11 for Soup Nazi-Inspiring Eatery

Soupman Inc. has filed for bankruptcy protection. (Neilson Barnard/Getty Images for The Original SoupMan)

By    |   Wednesday, 14 Jun 2017 02:29 PM

Soupman Inc., the New York eatery that inspired the Soup Nazi character on the "Seinfeld" TV series, has filed for bankruptcy protection.

The filing comes weeks after the company's CFO, Robert Bertrand, was indicted on federal tax evasion charges.

The Staten Island company licenses the recipes of chef Al Yeganeh and had assets between $1 million and $10 million, and debts from $10 million to $50 million, USA Today reported.

Bertrand pleaded not guilty to charges that he failed to pay Medicare, Social Security, and federal income taxes and paid Soupman employees with unreported cash and unreported stock awards between 2010 and 2014.

Soupman said in a news release that it has secured a $2 million debtor-in-possession credit facility that will allow it to continue business while the Chapter 11 bankruptcy is underway. It also has hired Michael Wyse of Wyse Advisors, LLC as chief restructuring officer and interim chief financial officer.

CEO Jamie Karson said in the statement that the company expects no disruptions to is services during the transition.

"The combination of legacy liabilities and recent company developments have made it necessary to seek bankruptcy protection. This will ensure that our delicious soups remain on grocery shelves throughout the country which is in the best interests of all of our stakeholders and customers," Karson said in the statement.

Yeganeh, who inspired the Soup Nazi character played by actor Larry Thomas on "Seinfeld," opened his store in Manhattan in 1984.

In a 1995 episode of "Seinfeld," the Soup Nazi character berates customers waiting in long lines, yelling, "No soup for you!"

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Soupman Inc., the New York eatery that inspired the Soup Nazi character on the "Seinfeld" TV series, has filed for bankruptcy protection.
soupman, bankruptcy, seinfeld, soup nazi
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2017-29-14
Wednesday, 14 Jun 2017 02:29 PM
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