Jason’s Deli franchisee files for Chapter 11 bankruptcy

The Front Range franchisee of Jason’s Deli has filed for Chapter 11 bankruptcy.

BullShark Inc., which operates six Jason’s Deli locations between Colorado Springs and Fort Collins, said in a Monday filing that it owes $1.74 million to 11 creditors. The company said it has assets worth $330,433.

Companies use Chapter 11 bankruptcy protection to reorganize and keep the business alive, paying creditors over time.

BullShark, which is led by Stanley Lyons, did not respond to a request for comment.

The franchisee’s stores in Colorado Springs, Broomfield, Aurora, Englewood, Fort Collins and Lakewood are currently open. A seventh location along Denver’s 16th Street Mall recently closed.

In its filing, BullShark said it had gross revenue of $15.5 million in 2019 and $16.1 million in 2018. As of the Aug. 31 filing date, the company’s 2020 revenue was $2.72 million.

Jason’s Deli, which was founded in 1976, has nearly 300 locations across the U.S., according to its website.

Attorney Keri Riley with Denver-based Kutner Brinen law firm is representing the franchisee in bankruptcy proceedings.

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