
Ulrich’s determined to reopen after seizure
Owner has filed for bankruptcy
By Samantha Maziarz Christmann
NEWS BUSINESS REPORTER
Published:
August 24, 2012, 12:11 PM
STRICTLY BUSINESS BLOG
Updated: August 24, 2012, 12:11 PM
After being seized for unpaid taxes three weeks ago, Ulrich’s Tavern has filed for bankruptcy and announced plans to reopen Sept. 4.
Owner James Daley confirmed that the iconic Ellicott Street bar and restaurant will hold a reopening party beginning at 3 p.m. Sept. 4, sponsored by Flying Bison Brewery. Lunches will resume Sept. 5, dinners Sept. 6.
Daley said he has met with several financial and professional advisers to come up with a plan to better handle the business side of the restaurant and has found ways to run a “much financially tighter ship.â€
“There was never a lack of effort on anyone’s part, it was more not understanding some financial realities,†Daley said. “We always just thought if we worked harder, we could overcome it.â€
Going forward, Ulrich’s will have a smaller menu of core items, will offer fewer specials and cut staff. It will still offer German specialties and popular staples such as beef on weck.
“We’re going to do fewer items and make sure we can do them really well and do them efficiently and cost-effectively,†Daley said. “We had so many items that we had to pay more people to work in the kitchen than there was money coming in.†Daley has vowed to adhere strictly to labor and food cost goals, and to make tough, smart business decisions about what the restaurant can afford. “It sounds so simple, it’s Business 101, but when you’re working 12 hours every day and you’re in the battle, it’s hard to step back and look at it,†Daley said. “Being shut down for three weeks, I’ve been able to look at it and say, ‘How could that have ever worked?’â€
Ulrich’s Tavern Inc. filed a Chapter 11 petition Thursday in U.S. Bankruptcy Court for the Western District of New York. The filing lists the business’ estimated assets as $50,000 or less and its estimated liabilities from $100,000 to $500,000. Among its list of creditors holding the largest unsecured claims are the state Department of Taxation & Finance at $205,000 and the Internal Revenue Service at $65,000.
The restaurant was shut down Aug. 4 on seven outstanding warrants of unpaid withholding and sales tax.
A 2011 tax return included in the filing showed Ulrich’s operated at a loss of $20,432 for the year. A profit and loss sheet showed the business operating $7,537 in the red for the period ending May 20.
Ulrich’s filed for bankruptcy before in 1994.
That bankruptcy was later discharged in 1998.
Ulrich’s Tavern is considered the oldest continuously running bar in Buffalo, first established in 1868. Daley’s parents ran the business starting in the 1950s, before Daley bought the business and took over in 2000.
schristmann@buffnews.com
Hope it works out for them... Most places that this happens to don't open again..
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Yeah, I think flexibility is a cultivated trait. Gets harder as you get older.
How they do it I don't know... some of it is equipment I'm sure and learning how to do it... But I think that some of it is that they learn at a very young age. Or maybe beaten ..HA..Oh that is only in the kung fu schools and that I doubt is done anymore.... I think there are some skills teach balance and to have total body control with slow movements... But there also has to be a genetic aspect to it.. I won't go so far as to say only Asians can do it. But some people naturally when they go upside down lose where there feet are or maybe that is just me.. I also wonder if there is an age thing.. Like as an example in olympics to be a do gymnastics you have to be is it 16 or 15 I can't remember But I'm guessing at least for the women again just a guess that youth helps?
All the photos look so breath-taking. How did they do all that balancing?!!
WOW. Thanks so much for posting these. They are amazing.
And are you kidding. Its been ages since I did yoga and even when I did, I couldn't come close to ANY of those poses. What are they, made of rubber?!!