Top of the Kress files Ch. 11

July 2, 2010

Top of the Kress files Ch. 11

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Yuma, AZ July 2 -- Top of the Kress, a bar on Main Street in downtown Yuma has filed Chapter 11 bankruptcy.  The club has been open for about four months.

The owners Frank and Mark Ruiz say The Kress will reorganize their finances under Chapter 11and will remain open.

The business employs over fifty people. The owners says no one will be laid off.

Mark Ruiz released the following statement to KSWT News 13 Friday:

"We want to go public with the announcement that we have filed a Chapter 11 Bankruptcy reorganization. We want everyone to know that we do not plan on laying off anyone of our over 50 staff members. By taking this protective step in ensures us that the Kress will continue to be open and running our business as usual. We hope this puts an end to the rumors that we are closing. As a thank you to our customers we are offering a summer long promotion on Fridays, with your 5.00 cover charge you will now receive 2 free drinks! This step forward was caused by the continued financial troubles of AEA Credit Union and their decision to cut off many of their clients lines of credit. The Top of The Kress has sought out alternative stable financing and will continue to move ahead going strong and we are here to stay."

KSWT News 13 has contacted AEA Federal Credit Union for comment.

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