Oaxaca Went Through Trustee Sale; Sky Harbor Location Also Closed, Will Re-Open "As Soon as We Can," Says Lender
|Oaxaca borrowed money to double its size three years ago.|
Hidalgo tells me the Verdugo family opted to go the route of a trustee sale versus bankruptcy and that the transition involves both the original location and the location at Sky Harbor International Airport (both were closed on Tuesday).
The process started about 10 weeks ago, so why the fake plumbing sign on the door?
"I think the family thought they may have found an investor," Hidalgo says, "or they were still trying to find ways to gather resources to prevent the sale."
Hidalgo says his priority is the workers and, although he could not give me a date, said the intent is to reopen Oaxaca as soon as possible and look for a new owner, or owners, in the process.
We're working at getting ahold of the original owners to get their side of things and we'll report back as soon as we do.