CHARLOTTE — A popular SouthPark restaurant and bar faces eviction after its manager and a partner in the ownership group used its finances as a “personal piggybank,” according to a newly filed lawsuit.
800 Degrees Phillips Place LLC — the ownership group behind Bar One Lounge and 800 Degrees Carolinas at Phillips Place — has filed a complaint in North Carolina Business Court against its manager, Steven Jensen. The plaintiffs are 16 members of the ownership group that includes restaurant entrepreneur Kyle O’Brien.
The lawsuit alleges Jensen has committed constructive fraud and breached his fiduciary duty by transferring company funds to other businesses he owns and operates. Jensen opened 800 Degrees Carolinas at The Alley at Latta Arcade in June. He also recently opened Bar One in uptown on the ground floor of The Stuward, formerly known as Packard Place.
The lawsuit claims Jensen used company funds for personal expenses and incurred substantial amounts of debt on behalf of the restaurant partnership.
The complaint says the restaurant group is “tens of thousands of dollars behind on rent due solely to Jensen’s gross mismanagement and other misdeeds.” It says the landlord has informed O’Brien the restaurant group will be evicted if Jensen remains in control.
A spokesperson for Phillips Place said the ownership does not comment on tenant matters such as these.
Read more here.
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