A South Florida tanning salon chain filed for chapter 11 reorganization in U.S. District Court on June 19 with more than $1 million in debt, the South Florida Business Journal reported. Stanley Olszewski, managing member of Master III LLC, which does business as Copper Tan USA, submitted a 39-page voluntary petition listing $1,072,897.92 in total liabilities and $118,372.66 in property assets for five Palm Beach County salons in Delray Beach, Boynton Beach, Palm Beach Gardens, Wellington and West Palm Beach. The petition listed the U.S. Small Business Administration (SBA) as the company's largest creditor, with $650,000 in disputed total claims. According to the SBA, the West Palm Beach-based company received a combined total of $249,840 in two rounds of Payment Protection Program loans from Wells Fargo in May 2020 on behalf of 33 jobs. Despite this, Copper Tan stated in its case management summary that its tanning salons were unable to generate sales following the pandemic and incurred too much debt.
