The central Arkansas space which housed the former John Daly's Steakhouse is up for sale, and the eatery's former CEO has filed for bankruptcy, records show.
The restaurant closed in July after less than a year of business.
The 10,000-square-foot property at 912 Front St. in downtown Conway is listed for lease or sale by real estate developer Newmark Moses Tucker Partners. A broker for the company said the building has not yet sold, but he has received "a lot of interest" since the listing was posted last week.
Sam McFadin of Conway filed for Chapter 11 bankruptcy Sept. 14 in U.S. Bankruptcy Court in the Eastern District of Arkansas. By filing under Chapter 11, McFadin can negotiate with creditors to alter the terms of his loans without having to sell his assets. Business can then continue under the supervision of a trustee.
The businessman was a co-owner, executive or LLC member at several companies, including John Daly's Steakhouse, the S.A.M. Group and M&M Environmental Group.
The Arkansas Democrat-Gazette previously reported that the S.A.M. Group, the developer of the steakhouse, is accused of failing to pay for the services provided during the construction of the golf-themed restaurant named after longtime Arkansas resident and University of Arkansas golfer John Daly. In June, C.R. Crawford Construction filed a complaint against the developer, accusing the firm of failing to pay $158,000 in construction costs, filings show.
In the filing, McFadin estimates his real estate and personal property assets at nearly $5 million, with his business debts listed at more than $7 million.
A list of creditors includes SDM Investments LLC in Conway and the First Community Bank in Batesville. McFadin owes SDM Investments $1.5 million for a maxed-out credit limit, and he owes First Community Bank more than $2 million for a guarantee of the S.A.M. Group, according to the filings.
The bankruptcy filing was first reported by Arkansas Business.