Mr. V’s restaurant files for bankruptcy

FORT COLLINS – Mr. V’s restaurant has filed for Chapter 11 bankruptcy protection.

Parent company GMV Inc. filed for reorganization after a hopping run of December through April business came screeching to a halt, when spring rains drenched interest in Mr. V’s expansive patio and Colorado State University classes let out for the summer.

“Our assets are greater than our liabilities, so it’s really a matter of increasing cash flow, and that doesn’t need to be done in leaps and bounds” owner Gary Vogel said. “A little public support, and we would definitely be over the hump.”

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Vogel acquired the lease on the old Smiling Moose building at 518 W. Laurel St. in December 1994. Over the holidays, the building underwent minor renovations to remove high walls between the dining room and lounge. The building is owned by Boulder-based restaurateur Frank Day.

Vogel, previously general manager of the Fort Collins Marriott and El Rancho west of Denver, said he hopes to diversify his customer base, spreading peak business hours throughout the day, rather than banking on the 10 p.m. to 2 a.m. crowd.

“There is margin in alcohol, but you don’t pay your bills with percentages,” Vogel said. “There are higher dollars in food.”

To help draw people for lunch and dinner, Mr. V’s has introduced a number of regional specialties, such as a Cajun boil, crab and clam feast, all-you-can-eat ribs and spaghetti, and eventually, an old-fashioned Friday-night fish fry.

“What we really wanted to do was be a restaurant and be a community restaurant that did things a little different,” Vogel said.

Vogel’s first bankruptcy-court hearing is Oct. 11. He said GMV will present its reorganization plan sometime in December.