Print
Restaurants

Chops Deli Open For Business As Owners Tackle Financial Woes, Aim To Sell 3 Locations

By Jessica Maurer, posted Jul 10, 2018
The owners of Chops Deli aim to continue to operate the 130 N. Front St. location (pictured above) while selling other Chops eateries in Wilmington. (Photo by Cece Nunn)
Brad Corpening, co-owner of Chops Deli, reported Monday that all Chops locations are currently open for business, and he and business partner Chris Graham are working to repay the debts the company has incurred over the past few years.
 
Corpening and Graham are also working with a broker to sell three of their current locations: Chops Deli at 5120 S. College Rd. and 7037 Wrightsville Ave., and Chops Diner at 2539 Castle Hayne Rd. The partners hope to continue to operate the downtown location at 130 N. Front St.  

“Keeping downtown open long-term remains our primary focus,” Corpening said. “It’s our most profitable location, with the best opportunity for performance. It’s been a rollercoaster for a few weeks but I’ve been catching up on record keeping and seeing sales numbers that are more consistent with what we’re used to seeing for this time of year.”

The owners launched a GoFundMe campaign June 15, in an attempt to generate the funds necessary to keep the downtown Chops Deli location afloat while sorting out companywide financial issues.
 
Corpening said that while Chops experienced an initial increase in sales when the campaign was launched, sales fell off a bit in the days following, presumably because of uncertainty about whether or not the restaurants were open for business.
 
He recently posted an update to the GoFundMe campaign site, stating that the more than $10,000 in funds raised would be allocated in the following way: $2,000 to a food vendor, to resolve a past due balance; $6,000 to the landlord of the downtown deli, to resolve a past due balance generated over the past few months, and $2,323.45 to the N.C. Department of Revenue to pay down a past due sales tax balance.

Corpening and Graham have been assigned a state revenue officer to help them work through the process of paying down their current balance and maintaining current sales tax payments.
 
Corpening said he is paying the Department of Revenue a minimum of $500 each week.
 
“We are tightening our belts, working on a very fixed income and paying back as much as possible each week in an effort to eradicate our debts,” Corpening said.
 
Corpening said from the start that the financial situation the company is facing is a symptom of expanding the business without proper planning and support. In borrowing additional money to cover expansion projects, which included renovations, equipment purchases and start-up costs, the company began to incur more and more debt, which sales alone have not been able to cover.
 
Currently, in addition to paying down debts, Corpening said he and Graham are focused on providing the quality of food and service that Chop’s is known for at all of its locations.
 
“We’re taking care of our customers and meeting our obligations,” Corpening said. “We’re grateful for the support we’ve received that has allowed us the opportunity to stay open and resolve these issues.”

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Beckybrown 1041811127

Should You Quit Renting and Try Home Ownership?  

Becky Brown - KBT Realty
Rob20beale2 311791810

The Key to Project Success

Rob Beale - W.M. Jordan Company
Geofflosee300x300 10221511305

Got Flood Insurance? Get That Proof of Loss Form in Quickly!

Geoffrey Losee - Rountree Losee LLP

Trending News

The Last Of The Offices At Mayfaire Sells For $11.7M

Cece Nunn - Feb 12, 2019

Coming To Downtown Wilmington: Mellow Mushroom

Cece Nunn - Feb 12, 2019

A First Look At The Next Phase Of Autumn Hall

Cece Nunn - Feb 14, 2019

ILM Awards Contract For Second Phase Of Terminal Expansion

Christina Haley O'Neal - Feb 13, 2019

Smith + Gsell Design Firm Develops Studio Space, Residential Homes

Johanna Cano - Feb 13, 2019

In The Current Issue

Housing Market: When History's For Sale

Homebuyers in the market for a historical dwelling seem to have at least one thing in common: a love of storied structures, big or small....


Pushing Investment Crowdfunding

After almost two years since the NC PACES Act was enacted, three companies have completed crowdfunding fillings with the state, demonstratin...


Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties