Hard times have hit the hard bodies at Sheri’s Cabaret in Las Vegas.
The Las Vegas Sun reports that Sheri’s has encountered the same financial problems facing many small businesses: Fewer customers and less income while fixed costs stay the same.
Sheri’s is filing bankruptcy against almost $6 million in debt. The also have $8.1 million in assets, but most of that is tied up in their land and building.
Sheri’s has been in operation since 2003, and has 17 full-time employees not including the dancers, who are considered private contractors.
The Nevada cabaret and its land are separately owned and managed by Sutter Street Investments and Highland Street Group LLC, respectively. Each company took out bankruptcy filing papers within the last few months.
Representatives said that the reorganization will allow the business to temporarily make smaller monthly payments while they reorganize. Their bankruptcy chapter will mean they should be able to stay open if they can find a way to be profitable. Under a Chapter 7 they would have liquidated and most likely closed quickly.
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