The key things to know from the AP report on the Oceanaire chain’s pending bankruptcy are that the chain has filed for Chapter 11 and closed four of its 16 restaurants… and that “Chief financial officer Glenn Massey says its flagship Minneapolis restaurant will remain open and remains profitable.”
Oceanaire Chain Goes Belly Up
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They didn’t go “belly up” – they just declared Chapter 11 and will continue operating.
Yoshi- “belly up” is a slang term for bankruptcy.