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'Soup Nazi' company files for Chapter 11 bankruptcy protection
June 14, 2017 / 2:42 AM / 6 months ago

'Soup Nazi' company files for Chapter 11 bankruptcy protection

(Reuters) - Soupman Inc, the company that licensed the name and recipes of the chef who inspired the tyrannical “Soup Nazi” character on the television comedy “Seinfeld,” filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Delaware, the company said in a statement on Tuesday.

People stand in line outside The Original SoupMan location at 55th street and 8th avenue for its reopening in New York July 20, 2010. Al Yeganeh, a New York City soup vendor made famous after he inspired Seinfeld's "Soup Nazi" character, reopened his original midtown Manhattan stall on Tuesday but did not show up for the celebrations. REUTERS/Shannon Stapleton (UNITED STATES - Tags: ENTERTAINMENT FOOD SOCIETY)

The company said it has secured $2 million in new debtor-in-possession financing from an independent third-party investment firm, which will be used to meet its working capital needs during the Chapter 11 process.

Wyse Advisors LLC’s Michael Wyse has been hired as Soupman’s chief restructuring officer and interim chief financial officer, the company said.

In May, Soupman’s former chief financial officer, Robert Bertrand, was indicted for tax evasion after being charged with 20 counts of failing to pay Medicare, Social Security and federal income taxes.

Based in Staten Island, New York, Soupman sells products under the Original SoupMan brand. Soupman traces its roots to 1984, when Al Yeganeh opened his soup shop on West 55th Street in Midtown Manhattan and soon began drawing long lines of customers.

Yeganeh was the inspiration for Yev Kassem, a character first portrayed by Larry Thomas in a 1995 “Seinfeld” episode who was known for making customers follow strict rules to order or risk being turned away with his forceful cry: “No soup for you!”

Reporting by Kanishka Singh in Bengaluru

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