Bonanza Update

Posted: 10/22/2007 by that's Elbert in Delaware, Delmar Blogs, Delmarva, food, Maryland

WBOC had a report last night regarding the Delmarva Bonanza closings. According to Delmar Dustpan, the Delmar Bonanza is now closed. Hopefully there will be an update later on about the other locations. I’ll add today’s updates to this post.

I reported about this earlier.

UPDATE: I just called the Bonanzas in Millsboro and Pocomoke City. Someone answered the phone in Millsboro and informed me that they were closed. I didn’t get an answer in Pocomoke City, so I would assume they are also closed.

UPDATE 2: WBOC has a longer update, probably the last of the news on this.

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Comments
  1. David says:

    Its official all four Delmarva locations are closed. There was little notice due to indecision by the new owners and unwillingness to pay their outstanding debts. These four stores were profitable and ran successfully by the previous owners for nearly 20 years. Its sad to see that these guys came in and ran what was a locally owned and run business into the ground with such utter disregard. Thank you to all the loyal customers and employees who made Bonanza an enjoyable place to eat and work.

  2. Donny says:

    They were sold to a group of Koreans. The name is Young Chan Lee (YCL).

    ps: I will miss this place….

  3. Lester says:

    I would gladly pay more if they stayed open.

  4. They were sold to the Koreans last fall. See this blog entry on Delmar Dustpan:

    http://delmardustpan.blogspot.com/2006/11/bonanza-restaurant-sold.html

  5. David says:

    Young C. Lee of Hockesin, DE (YCL) is only one of the owners. The other is Kun S. Lee of Hockensin, DE (KSL- which is the LLC that the Pocomoke store operated under). Regardless of their nationality they were simply poor businessmen. They wanted the money to roll into the stores hand over fist, and even if it wasn’t that’s how it was coming out and going into their pocket. The restaurants’ demise was due to the fact that they had not paid their distributors for several months on food that had been delivered, along with other outstanding debt, and where simply cut off by suppliers. Some of these suppliers were already seeking legal action. All four stores were financially stable last fall when the business changed hands. It’s a little fishy that a multi-million dollar a year company can bankrupt in 1 yrs time…. but I guess that’s something for the authorities to look into… hint hint

  6. emmit says:

    I hate to appear to be a “doom and gloom” type of person, but I feel that you can expect to see all the Dunkin Donut and 7-Eleven franchises in Delaware (and maybe even in MD) follow down the same road in the near future. But then that’s just one man’s opinion from a side-line observation.

  7. David, you wrote:

    “The restaurants’ demise was due to the fact that they had not paid their distributors for several months on food that had been delivered, along with other outstanding debt, and where simply cut off by suppliers. Some of these suppliers were already seeking legal action.”

    How do you know all this?

  8. David says:

    Lets just say I had a VERY reliable inside source…

  9. swampcritter2 says:

    Now where do I go when i want to get a bad meal on Delmarva?

  10. Swampcritter2, I was wondering if I’d hear from you! You are a wise guy, aren’t you? 🙂 Hmm, maybe someone should put together a list.

  11. Chuck says:

    Great news for those of us who liked the former Bonanza Restaurant in Millsboro. It has been reopened for a few months now under the name of Millsboro Buffet. When we first went back the food wasn’t nearly as good as it had been. The staff was almost completely different and that caused some problems for the first month. Since then, they have hired two fantastic cooks now. I think I heard that they were moved from one of the other locations. The food is consistently EXCELLENT now and my wife and I go there a few times a week. It’s the best value for our money for an all-you-can-eat buffet on Delmarva.