More than two dozen Dairy Queen restaurants, including two in North Texas, are closing because of financial effects of Hurricane Harvey and a sluggish oil market, multiple news outlets reported Wednesday.
The owner, Vasari LLC, based in Irving, included the closing of 29 stores in Texas, New Mexico and Oklahoma in its filing for Chapter 11 bankruptcy in North Texas Federal Bankruptcy Court in Fort Worth, reported the Amarillo Globe-News website, amarillo.com.
While most of the closures are in the Panhandle and South Plains areas, two are in North Texas: one in Cedar Hill at 303 W. Cooper St., and another in Carrollton, 3488 E. Rosemeade Parkway.
“While certain of the [Vasari’s] stores are profitable, [Vasari] as a whole is facing net operating losses that cannot continue unabated,” an emergency motion filed in the case said, according to KLBK in Lubbock, via KXAN.
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In the bankruptcy filing, Vasari said that because many of its restaurants are positioned in “prime oil country, it has struggled to survive the far-reaching effects of dramatic declines in oil prices,” amarillo.com reported.
While waiting for oil industry-related jobs to return as oil prices begin to rebound, Vasari also faced industry pressure from competing businesses, amarillo.com reported.
“On that front, (Vasari) continually endeavors to provide high-quality ‘treats and eats’ at very low prices while achieving a sustainable profit margin, but without a high, steady volume of customers, those margins are nil,” according to court documents reported by amarillo.com. “Most recently, several of (Vasari’s) stores were negatively impacted by Hurricane Harvey, resulting in physical damage, extended closures and loss of inventory.”
To see filings related to the case, visit donlinrecano.com/vasari.
The full list of affected restaurants provided in bankruptcy filing, according to amarillo.com, nbcdfw.com and KXAN:
1. Hobbs, 220 W. Bender Blvd.
2. Raton, 1630 Cedar St.
3. Clinton, 720 W. Gary Blvd.
4 Admiral, 7819 E. Admiral Place
5. Owasso, 9495 N. Owasso Expressway
6. Crosbyton, 303 W. Main St.
7. Denver City, 500 W. Broadway
8. Idalou, 108 W. First St.
9. Lockney, 217 S. Main St.
10. Merkel, 1107 N. Seventh St.
11. Post, 601 N. Broadway
12. Seagraves, 1005 Railroad
13. Clarendon, 603 W. Second St.
14. Claude, 298 W. First St.
15. Coleman, 2000 S. Commercial Ave.
16. Perryton, 1014 S. Main St.
17. Shamrock, 1243 N. Main St.
18. Wellington, 1010 Houston St.
19. Dalhart, 215 Oak Ave.
20 Dumas, 224 S. Dumas Ave.
21. Gruver, 200 Main St.
22. Haskell, 211 N. First St.
23. Stratford, 502 E. Texas Ave.
24. Cedar Hill, 303 W. Cooper St.
25. Carrollton, 3488 E. Rosemeade Parkway
26. Waco, 125 LaSalle
27. San Augustine, 1010 Nacogdoches Highway
28. Conroe, 1612 N. Frazier St.
29. Giddings, 977 E. Austin St.