Bank Sues Restaurateur Over $625K Loan Default

0:00A bank in Alabama is taking a restaurateur to court over a big loan default tied to one of his spots that shut down out of nowhere. Robertson Banking Company sued EMB hospitality and owner Nick Pihakis on April 28th, saying they owe more than $625,000 from a loan used to build Tasty Town. That loan came through back on February 4th, 2022 for $1 million and $124,000 for an A dollars. Tasty Town closed without warning on April 12th, and since then, 13 other spots under Pihakis restaurant group have shut down or paused, like Hero Homewood and Rodney Scots. Folks in Homewood are feeling the pinch, with places like Hero Donuts called a key part of the community by the mayor. These closures hit hard for locals who relied on those bives and meals. Meanwhile, a meat supplier jumped in with its own suit on April 27th, claiming nearly $400,000 for unpaid food. Public records also show leans piling up for over $12 million in background across Jefferson

1:06and Shelby counties. Banks and suppliers are pushing for full payback plus interest and fees, as more troubles brew for the group. Keep an eye out for updates on this. Restaurant Shake Up. I'm Corey with the story. That's your Birmingham News Today update. AI powered and always on.