Bye Bye Wild West World! Here's the official press release.
On July 9th, 2007, Wild West World, LLC will file for Chapter 11 protection under the United States Bankruptcy Code with the United States Bankruptcy Court in Wichita, Kansas. Wild West World will close immediately as of this date and will cease day-to-day operations. All employees have been paid through Sunday, July 8th. In Chapter 11, the management of the company will be allowed to conduct the affairs of the business as a Debtor-in Possession.
Since January, 2007, the Wichita area suffered excessive amounts of snow, ice, rain, storms, and tornados. Since the park opened to the media on May 1 and the general public on May 5th, approximately 50 of the last 60 days have been either rain, storms, overcast, tornados, tornado warnings or poor weather of some sort. On May 4th, the Greensburg tornado devastated that community. In the months of June and July, Kansas experienced unprecedented rain and flooding, having a devastating impact on Wild West World’s attendance and projected revenue. As a result, Wild West World cannot meet its operating expenses from the actual revenue generated.
Wild West World management is currently negotiating and will continue to negotiate throughout the world for a new purchaser for the park. It is not the intention of Wild West World management to permanently close the park. Thomas and Cheryl Etheredge state that they believe in Park City and Wichita and the need for family entertainment. They will continue to do everything possible to have Wild West World emerge from Chapter 11 Bankruptcy through a sale of the assets.
Wild West World retained the law firm of Redmond & Nazar LLP of Wichita, KS to represent it in its Chapter 11 proceeding.
Since January, 2007, the Wichita area suffered excessive amounts of snow, ice, rain, storms, and tornados. Since the park opened to the media on May 1 and the general public on May 5th, approximately 50 of the last 60 days have been either rain, storms, overcast, tornados, tornado warnings or poor weather of some sort. On May 4th, the Greensburg tornado devastated that community. In the months of June and July, Kansas experienced unprecedented rain and flooding, having a devastating impact on Wild West World’s attendance and projected revenue. As a result, Wild West World cannot meet its operating expenses from the actual revenue generated.
Wild West World management is currently negotiating and will continue to negotiate throughout the world for a new purchaser for the park. It is not the intention of Wild West World management to permanently close the park. Thomas and Cheryl Etheredge state that they believe in Park City and Wichita and the need for family entertainment. They will continue to do everything possible to have Wild West World emerge from Chapter 11 Bankruptcy through a sale of the assets.
Wild West World retained the law firm of Redmond & Nazar LLP of Wichita, KS to represent it in its Chapter 11 proceeding.
A PRESS CONFERENCE WILL BE HELD AT 2:00 P.M. CDT today at the Johnny Western Theater at Wild West World.
For further information contact:
Edward Nazar or Thomas GilmanAttorneys at LawRedmond & Nazar, L.L.P.245 North Waco, Suite 402Wichita, Kansas 67202(316) 262-8361 Phone(316) 263-0610 Fax
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