Johnny Rockets franchisee lands in bankruptcy court
Nation's Restaurant News, the bible of the restaurant industry, has reported that David Giesen, who owns Steak Escape and Johnny Rockets franchises in Colorado, on Monday filed for Chapter 11 bankruptcy protection. According to court filings, his Giesen Restaurant Enterprises LLC and Rocket Restaurant Ventures LLC have debts of between $1 million and $10 million -- with assets of less than $100,000.
Among the debts: $880,000 that Rocket Restaurant owes to Monfort Capital LLC of Eaton. Back in 2000, Giesen had partnered with Charlie Monfort on a proposed Steak Escape rollout, with hopes of opening up to a hundred units. Today, there are just four in the metro area.
There are four Johnny Rocket stores in the Denver area; all are open for business.