Hot Dog on a Stick owner files Chapter 11
LOS ANGELES (AP) -- The owner of Hot Dog on a Stick has filed for bankruptcy protection.
HDOS Enterprises says its total debt ranges from $1 million to $10 million and it estimates assets between $10 million and $50 million.
The Los Angeles Times reports (http://lat.ms/1ijOdof) the Chapter 11 filing was made Monday in U.S. Bankruptcy Court in Los Angeles.
Chief Executive Dan Smith said in a statement that like many mall-based businesses, HDOS signed expensive leases during the booming mid-2000s and that declining mall foot traffic in recent years has negatively impacted many locations.
Smith said the company will operate as usual while it reorganizes.
The employee-owned company known for its colorful staff uniforms was founded in Santa Monica in 1946 and has about 93 locations.
Information from: Los Angeles Times, http://www.latimes.com