Coakley's Restaurant closed by bankruptcy court order
Coakley's Restaurant and Irish Pub, a popular New Cumberland site, has been closed by order of the Bankruptcy Court for the Middle District of Pennsylvania.
The pub shut its doors at 12:01 this morning. Owner Tim Hogg posted a letter to patrons on the front door.
"We would like to thank everybody for their patronage over the years and we hope you root for us to return to business soon," he wrote.
Hogg could not be reached for comment this morning. He promised updates on Coakley's Facebook page.
Hogg purchased the restaurant in 2008 from Richard and Sue Coakley, who started the pub more than 33 years ago when it was New Cumberland Olde Towne Tavern.
An outdoor sidewalk seating option was added in 2010 and two outdoor decks were built in 2010 and 2011.
"I cannot tell you how much I will miss everyone and what a great experience this has been," Hogg wrote.
According to documents filed with the bankruptcy court, Hogg fell behind on payments to Community First Fund, a nonprofit lender of small-business loans based in Lancaster.
CFF financed Hogg’s purchase of Coakley’s with a $160,000 loan. Payments were set at $1,936 per month for 10 years. As of Nov. 21, 2013, CFF attorneys say Hogg owed CFF $103,319.18, including late fees, interest and penalties, documents state.
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