South Jersey Diner Approved for Sale by Bankruptcy Judge

by San Antonio Attorney

Geets Diner, a significant landmark in Williamstown for more than 65 years, is finally approved for sale by the bankruptcy court.  The sale was approved by the federal bankruptcy judge for $3.9 million dollars.

The winning bidder of the sale was Kala-Trofi, LLC, who will acquire the property, equipment and the liquor license of the establishment.

Cyzner Properties, the next highest bidder, almost nabbed the diner, with a sumptuous offer of $3.81 million.

Cody Miller, a councilman from Monroe, said that three people converged as a group to purchase the establishment.  However, the local town officials predicted that Geets Diner will be sold immediately.

Miller added that they knew the time would come that someone was going to purchase the recently closed diner.   The town will try everything they can to provide aid and support the diner despite its recent closure.

Previously owned by NJK Hospitality LLC and Vaillios Patouhas, the new proprietors will try to improve the appearance of the establishment.  The quality of food will be enhanced and alcohol will be served openly rather than in the bar area.

Kala-Trofi is a company registered in Franklinville.  Sandy Cannon is the sole owner listed for Kala-Trofi, according to court documents.

Geets Diner was considered as a landmark for almost 60 years before it suddenly closed in August 2016.  The diner had its share of financial problems, particularly debts to state, town and IRS.

Geets Diner had a total net cash flow of $19,000 of its $232,000 in sales last April 2016.  The diner filed for Chapter 11 bankruptcy last 2015 but eventually converted the case into a Chapter 7 liquidation bankruptcy.

The diner’s regular customers were not pleased with the closure.  Geets Diner’s official Facebook page was flooded with comments and memories on how they enjoyed the establishment’s food and ambiance.

 

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