Fast-casual chain Meatheads Burgers & Fries, which has received more than $2.4 million in PPP funding, has declared bankruptcy, Restaurant Business reported. The chain, which lists 13 locations around the Chicago area on its website, filed for chapter 11 protection in the Northern District of Illinois on Friday, as did its owner Crave Brands, LLC. But the company's lender is not so sure. LQD Financial Corp. filed a motion to dismiss the case on Tuesday, saying that the bankruptcy filing was a “stunt Crave’s former manager pulled to stay in charge” and that the filings were made in bad faith. In its chapter 11 filing, Meatheads said it had liabilities totaling $8.4 million with total assets of $6.7 million. The chain received a Paycheck Protection Program loan of $982,112 in 2020 and nearly $1.44 million in PPP funding during the second round this year. Crave Brands, LLC, the owner of Meatheads which also filed for bankruptcy protection on Friday, received an Economic Injury Disaster Loan for $149,000.
