DATE: Saturday, October 11, 1997            TAG: 9710110737

SECTION: BUSINESS                PAGE: D1   EDITION: FINAL 

SOURCE: BY MICHAEL CLARK , STAFF WRITER 

                                            LENGTH:   33 lines

NORFOLK RESTAURANT FILES FOR BANKRUPTCY THEDUMBWAITER ATTORNEY SAYS MOVE IS A REORGANIZATION.

Burdened by payment of back taxes, well-known Norfolk restaurant TheDumbwaiter filed Oct. 3 for protection from its creditors under Chapter 11 of the bankruptcy code.

The move allows the restaurant to continue operating while it restructures its debts.

In the filing, TheDumbwaiter Inc. listed liabilities of $133,384 and assets of $123,478.

James T. Lloyd, attorney for the restaurant, said the filing is only a reorganization. He said the restaurant will continue to function.

``I have every confidence that everything will be fine,'' Lloyd said.

Construction in downtown Norfolk has been a minor hindrance to business, he said, but the problem stems from paying off back taxes.

The taxes started backing up in 1995, Lloyd said, when the restaurant moved to its present location at 117 W. Tazewell St.

Sidney G. Meers, president of TheDumbwaiter Inc. was not available for comment, but Lloyd said Meers has been trying to catch up on the taxes since 1995.

``He's been making regular payments,'' Lloyd said, ``But the penalties kill you.'' ILLUSTRATION: Color photo

The Dumbwaiter Inc. president Sidney Mears KEYWORDS: BANKRUPTCY

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