Soupman Inc. of 'Seinfeld' Fame Seeks Bankruptcy Protection
June 13 2017 - 09:05PM
Dow Jones News
By Patrick Fitzgerald
Soupman Inc., of "Seinfeld" fame, filed for bankruptcy
protection Tuesday, just weeks after a top company executive was
charged with tax evasion.
Federal prosecutors last month charged the company's former
chief financial officer with 20 counts of failing to pay federal
income taxes, Medicare and Social Security for Soupman's employees.
The former executive, Robert Bertrand, has pleaded not guilty to
the charges.
The company, based in Staten Island, N.Y., licenses the recipes,
likeness and name of Al Yeganeh, the man who inspired the "Soup
Nazi" character in the television show.
"The combination of legacy liabilities and recent company
developments have made it necessary to seek bankruptcy protection,"
said Chief Executive Jamie Karson in a statement.
The company has lined up a $2 million bankruptcy loan to keep
its business running during the chapter 11 case. Soupman operates
restaurants in the New York area and sells soups to grocery stores
and online.
A Soupman representative declined to comment on the bankruptcy
case.
Soupman filed for chapter 11 in U.S. Bankruptcy Court in
Wilmington, Del., along with affiliates The Original Soupman Inc.
and Kiosk Concepts Inc. The company listed assets of about $1.4
million and debts of approximately $11.8 million.
Mr. Yeganeh, the man who inspired the "Soup Nazi" character,
opened his Manhattan soup store in 1984. Mr. Yeganeh's fame spread
after a 1995 "Seinfeld" episode in which an irascible soup vendor,
played by actor Larry Thomas, berates customers standing in long
lines for his legendary soup, often yelling "No soup for you!"
The law firm of Polsinelli is handling the chapter 11 case, and
Michael Wyse has been named the company's chief restructuring
officer.
--Corinne Ramey contributed to this article.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
(END) Dow Jones Newswires
June 13, 2017 20:50 ET (00:50 GMT)
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