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Quotechains on the door and a sign thanking Jacksonville for five amazing years, Latitude 360, a popular entertainment complex near the Avenues Mall, suddenly closed their doors late Wednesday night.
While employees tell WOKV they had no idea this was coming, the company has been facing its fair share of problems in recent months.
The landlord of the Southside property has been trying to evict Latitude 360 since October, claiming they owed about $6 million in construction costs, overdue rent, and late fees. Employees also claim they haven't been getting paid on a regular basis.
And Jacksonville isn't the only city Latitude 360 has experienced problems. Back in December, the company was forced to close their location in Indiana, supposedly for tax issues.
Their location in Pittsburgh also had a close call in December, where the owner reportedly arrived with cashier checks to pay on an overdue county tax, just moments before police placed locks on the doors.
A new ownership group is expected to arrive in Jacksonville soon.
http://www.wokv.com/news/news/local/latitude-360-suddenly-closes-its-doors/npy4x/ (http://www.wokv.com/news/news/local/latitude-360-suddenly-closes-its-doors/npy4x/)
It's amazing as to how shady some of these seemingly healthy businesses are ran, ala this and the former Whisky River at SJTC.
I figured this would happen any day now. I still have a hard time understanding how this place struggled so much. They were usually pretty busy when I was there. Obviously these guys were in way over their head.
Brent Brown talks about Latitude 360's abrupt closure
http://www.bizjournals.com/jacksonville/news/2016/01/07/brent-brown-talks-about-latitude-360s-abrupt.html
https://twitter.com/RussellANjax/status/685116034542612480 (https://twitter.com/RussellANjax/status/685116034542612480)
New update: Tax collector's office just put up this notice at Latitude 360. They owe nearly $133,000 in tangible taxes.
Nice!
Lat360 subscribers got an email today announcing the closure.
We tried to reserve a bowling time last week and no one would answer the phone.
The owner was saying he had 2800 subscribers to his package. Thats 50k a month in revenue every month.
Where was the money going?
Too bad, it was a unique spot. Must be either management issues, or they were putting too much of their profits into expanding too fast.
Quote from: spuwho on January 07, 2016, 11:30:07 AM
Where was the money going?
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And they just deducted $26 out of my checking account 7 days ago for my Blue membership and I had $140 on my game card.
Wow, the company lost almost $8 million in the first half of 2015
https://twitter.com/jennaANjax/status/685125954121953281?ref_src=twsrc%5Etfw
Quote from: Kerry on January 07, 2016, 12:27:36 PM
And they just deducted $26 out of my checking account 7 days ago for my Blue membership and I had $140 on my game card.
Fly to Pittsburgh, its still good there.
Costco manager took down the gift cards 2 weeks ago, so they knew.
Quote from: FSBA on January 07, 2016, 12:44:32 PM
Wow, the company lost almost $8 million in the first half of 2015
https://twitter.com/jennaANjax/status/685125954121953281?ref_src=twsrc%5Etfw
Yikes
Quote from: Kerry on January 07, 2016, 12:27:36 PM
And they just deducted $26 out of my checking account 7 days ago for my Blue membership and I had $140 on my game card.
Sorry that happened to you. But it makes me feel better...i had $15 in gift cards that went unused. (Actually cause I never went there...stepped foot in it 3 times just for a quick meeting/drink)
Further info.
The Albany NY location failed to complete because the primary supplier for the bowling lanes (Brunswick) refused to deliver anything due to how much money they owed them.
Since they couldn't get any lanes installed, Lat360 walked away from the project. Several local contractors in Albany were left unpaid.
Lat360 not only owes their landlord, Brunswick, their IT provider. Word was the IT guys turned everything off unless they got paid. The owner bounced 2 checks so they turned it all off. Miraculously, the owner came up with an account with some money in it so it got turned back on.
Reportedly they moved their corp offices with no warning due to back rent. They are currently (were?) located above Alive Credit Union.
Since they hadnt paid Brunswick, the lanes at Jax were breaking, that explains why all the grunts were running to the back to reset the lanes or some of the score displays werent working.
People on the inside are beginning to share what a train wreck it all became.
Where did their money go? It obviously wasn't going to the business.
Quote from: I-10east on January 07, 2016, 07:57:35 AM
It's amazing as to how shady some of these seemingly healthy businesses are ran, ala this and the former Whisky River at SJTC.
Lat360 was just ineptness. Whisky River was intentional.
Whisky River was run by a series of contracted outfits by a set of tertiary LLC's. They knew what they were doing when they stopped paying the rent. They intended to close it but pocketed the unpaid rent to make up for the losses they incurred.
Lat360 made a huge error by setting up the Indianapolis location as an extension of his Jacksonville agreement. Which meant when Indy failed, it would take Jacksonville with it.
It seems they got the drift for the Pittsburgh location as it still runs (barely).
I found out that the Alleghany County Tax Collector put a closure notice on the site and Brown had to fly to Pittsburgh with cashiers checks in hand. He literally met the Alleghany County Sheriff at the front as they were getting ready to put lock and chains on the doors.
(https://pbs.twimg.com/media/CYIFZYTUMAAW5Yo.jpg)
Here are the pictures of the unfinished Lat360 in Albany.
http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/ (http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/)
It had everything done except the bowling lanes and tech.
I found out yesterday that they owe the media firm that does the TV's a bunch of dough and they wanted cash up front to finish the site.
Reading the Albany Times Union, Lat360 had a local office, was taking party reservations and had local advertising.
All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?
I guess the Indiana Dept. Of Revenue shut Lat360 down for 2 weeks due to unpaid sales tax. It reopened, but shut down with Jax due to the Federal lawsuit.
http://www.indystar.com/story/money/2016/01/07/latitude-360-shuts-down-indy-location/78404710/ (http://www.indystar.com/story/money/2016/01/07/latitude-360-shuts-down-indy-location/78404710/)
http://www.bizjournals.com/pittsburgh/blog/the-next-move/2015/12/latitude-360-to-be-closed-for-failure-to-pay.html (http://www.bizjournals.com/pittsburgh/blog/the-next-move/2015/12/latitude-360-to-be-closed-for-failure-to-pay.html)
Latitude 360 pays county drink tax, avoids closure order
Latitude 360 on Wednesday paid $46,857.83 toward the Allegheny County Alcoholic Beverage Tax after the county said it would padlock the Robinson location due to nonpayment.
"Allegheny County Sheriff Deputies were prepared to padlock the establishment when the owner made a last minute payment to stop the closure," read a statement from the county. "[Sheriff] Deputies were met at the establishment's front door when the owner handed over three cashier checks totaling $46,857.83 dollars. The last minute payment by 'Latitude 360's' owner satisfies the judgement issued by the court for their delinquent drink taxes."
Quote from: spuwho on January 08, 2016, 12:21:23 PM
All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?
It certainly would've cracked the Top 5 list for Biggest Downtown Revitalization Fails, which is no small feat in this town.
Quote from: spuwho on January 08, 2016, 12:21:23 PM
Here are the pictures of the unfinished Lat360 in Albany.
http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/ (http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/)
It had everything done except the bowling lanes and tech.
I found out yesterday that they owe the media firm that does the TV's a bunch of dough and they wanted cash up front to finish the site.
Reading the Albany Times Union, Lat360 had a local office, was taking party reservations and had local advertising.
All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?
Oh man, that would have been bad.
Quote from: Tacachale on January 08, 2016, 01:23:06 PM
Quote from: spuwho on January 08, 2016, 12:21:23 PM
Here are the pictures of the unfinished Lat360 in Albany.
http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/ (http://xjockalbanyny.com/2015/08/31/photos-of-the-unfinished-latitude-360-at-crossgates-mall-in-albany/)
It had everything done except the bowling lanes and tech.
I found out yesterday that they owe the media firm that does the TV's a bunch of dough and they wanted cash up front to finish the site.
Reading the Albany Times Union, Lat360 had a local office, was taking party reservations and had local advertising.
All I can say is its a good thing that idea to have them take over the Burns Library fell through. Can you imagine?
Oh man, that would have been bad.
It's all hypothetical of course, but I feel like a renovated Haydon Burns built for Lat 30 and just missing TVs and bowling lanes would easily find an investor to swoop in and take over after bankruptcy proceedings. Obviously nice to have what we have now, but I don't think it would have been total disaster otherwise. Their concept seemed very profitable as everyone in this thread has acknowledged.
So who do I talk to about the future auctioning of all of their equipment?
When it rains, it pours....
QuoteLawsuit accuses Latitude 360 owner of swindling neighbor's son out of Aston Martin
A lawsuit was filed Thursday against the CEO of Latitude 360 and his wife that accuses the couple of swindling their then neighbor's 22-year-old son out of a Aston Martin.
The suit was filed by Aaron Riley against Brent Brown, Antonia Brown and several companies associated with the failed Jacksonville entertainment business.
http://www.bizjournals.com/jacksonville/news/2016/02/05/lawsuit-accuses-latitude-360-owner-of-swindling.html
Quote from: thelakelander on February 06, 2016, 11:04:35 PM
When it rains, it pours....
QuoteLawsuit accuses Latitude 360 owner of swindling neighbor's son out of Aston Martin
A lawsuit was filed Thursday against the CEO of Latitude 360 and his wife that accuses the couple of swindling their then neighbor's 22-year-old son out of a Aston Martin.
The suit was filed by Aaron Riley against Brent Brown, Antonia Brown and several companies associated with the failed Jacksonville entertainment business.
http://www.bizjournals.com/jacksonville/news/2016/02/05/lawsuit-accuses-latitude-360-owner-of-swindling.html
Took advantage of the neighbor's kid, yeah.
Swindle? That depends I guess.
In 2013, when the deed was done, Lat360 was doing visibly well in Jacksonville. There was no reason to believe (at the time) that the company would go sideways.
But if it had been public in 2013 that the CEO was throwing restricted stock around to acquire and cash out AM's, that is a different story.
I wonder how many 10-K's Brown filed showing he had restricted stock holders and how much they held.
Never sign a deal for a speculative restricted stock unless it has an exit plan.
I wonder if the kid even had an attorney or financial advisor sign off on it. Judging by the suit, it appears not.
A 22 year old had an Aston Martin? Sounds like he learned a valuable lesson about the real costs of lavish purchases.