DURHAM, N.C. -- Watts Grocery and its catering unit Sage & Swift Gourmet Catering announced in February that it had filed for bankruptcy protection.
However, Chef and co-owner Amy Tornquist said the restaurant and catering company would stay open while the business restructures its debt, ABC11's newsgathering partner the News&Observer reported.
According to the bankruptcy filings, the company has debts between $500,000 and $1 million, with assets of the same amount.
The N&O reported that a majority of the debt is tax related. Reports show that liens from unpaid federal taxes total $432,000 and state lines are roughly $57,000.
Other creditors listed included Watts Grocery's landlord, food vendors, employees and other personal loans.
Tornquist opened the catering company in 1993. Watts Grocery was opened 14 years later.
Even though Watts is just 12, it is one of Durham's longest running restaurants.
Durham's Watts Grocery seeks bankruptcy protection but will remain open