T.I.’s Georgia Restaurant, Business Partner File Chapter 7 Bankruptcy
Lately, T.I. has had his fair share of financial problem. Initially, he faced problems personal issues, but now reports are circulating about one of the rapper’s business ventures. According to the Daily Mail, T.I. and his business partner, Charles Hughes, have filed bankruptcy on behalf of their joint-owned, Georgia-based restaurant Scales 925 Atlanta.
The Failed Restaurant:
It has been reported that T.I. – whose real name is Clifford Joseph Harris Jr. – and Hughes filed the documents on Tuesday, May 1. According to the documents T.I. and Hughes own the largest stakes in the restaurant with 40 percent each. The remaining 20 percent stake is reportedly split between four other financial parties. So what led to the bankruptcy filing?
Reports have revealed the restaurant – which opened in March of 2015 and closed just one year later – is currently facing four lawsuits said to have been filed by former employees for unpaid wages and overtime. T.I. has also made an attempt to dissociate himself from the restaurant claiming the employees’ allegations and other restaurant-related “matters had not been his purview,” according to the publication. Although documents were obtained by Page Six, the details about the restaurant’s debt remain unclear. However, Hughes filed documents claiming the restaurant only had assets amounting to $5,000.
The Georgia Department Of Revenue and Internal Revenue Service have placed the restaurant – which has $0 in liabilities and $5,000 in assets according to Charles – on notice.
Personal Financial Woes:
The latest news about T.I.’s restaurant follows a string of reports about his personal financial issues. For those who missed all the talk about that, T.I. and Tameka “Tiny” Cottle were previously hit with three tax liens totally a staggering $6,211,424.76. For years, T.I. and Tiny have been goin’ back and forth with the IRS over the alleged $1.6 million tax debt, but in January of 2018, the famed Atlanta rapper reportedly threw in the towel and opted to shell out the cash to cover the debt.
In March of this year, T.I. oped to pay $1 million toward the unpaid taxes. However, he still owes $4,814,141.29 – which consists of $3,173,476.39 tax lien from 2013 and a 2014 lien for $1,640,664.90 while Tiny reportedly owes nothing, according to Page Six.
Like T.I., Charles Hughes is also facing personal financial woes. Last month, according to The Daily Mail, Hughes had personally filed bankruptcy. But despite all of the reports, T.I. is still doin’ damage control.
The Clap Back?:
According to Hot New Hip Hop, T.I. isn’t too thrilled about the bankruptcy reports circulating online. In fact, the “What You Know” rapper reportedly took to Instagram to blast Page Six about the reports. Although T.I. appears to have removed the post, of course, screenshots have been snapped. After T.I. called the publication out for the report, which he described as “bogus,” the publication quickly edited the article to clarify that they’d filed bankruptcy on behalf of the restaurant. T.I. had not personally filed bankruptcy.
In reality, T.I.’s money moves are just fine, in case you were wondering, as the Atlanta rapper shut down the rumor on Instagram. Reposting the publication’s headline, T.I. confirmed that the news was false, writing, “@pagesix y’all running bogus stories now?” Page Six has since edited their article to clarify that the rapper’s restaurant partner Charles Hughes had filed for bankruptcy and not T.I. himself. – Hot New Hip Hop
Check out the screenshot:
Most likely, T.I. will bounce back with another venture in the near future. Best of luck to Trouble Man.