Flo's Restaurants files for Chapter 11 bankruptcy

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Scottsdale Flo's Restaurants Inc., which runs the three Flo's Asian eateries in the Phoenix metro, has filed for Chapter 11 bankruptcy. According to owner Flo Chan, the filing was a result of unfulfilled loan payments that were received in order to open three additional restaurants. Chan said that because of recession woes, one of the locations in D.C. Ranch was shuttered. The Chapter 11 filing is meant to restructure debts. "The revenue from our two remaining restaurants, though strong and healthy,...

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