The Falls Events Center sent an email press release to Elk Grove Laguna News this evening regarding the future of the Falls Events Center in Elk Grove.
For Immediate Release
May 30, 2018
The Falls Event Center, LLC (TFEC) has announced that The Falls at Elk Grove, LLC has filed a voluntary petition for relief and restructuring under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of California. This filing enables The Falls at Elk Grove to conduct business in the ordinary course, and assures that there is no disruption to any events during the restructuring process. This filing will impact only The Falls at Elk Grove and none of the other operating centers, including The Falls at Roseville or The Falls at Fresno.
The Falls at Elk Grove is an award-winning venue and a community favorite since it opened in 2014, garnering multiple “Best of Elk Grove” and “Best of Sacramento” awards as a wedding and event venue. It is estimated that The Falls has hosted more than 500 weddings in the Elk Grove area since its inception, and an equal number of corporate events, Quinceaneras, community events, showers, birthday parties and fundraisers.
“We understand the last couple of weeks have been particularly distressing for our employees, guests and vendors”, acknowledged Steve Down, CEO of The Falls Event Center. “We are confident that this restructuring will bring a sense of order and calm in the short term and allow us to build on the success we have had here to create a place for celebrating life’s important milestones for many years to come”.
Down further acknowledges that the past year has presented a number of challenges for The Falls. Nevertheless he said that the public should be impressed with the local team’s improvements despite distracting business disruptions brought on by outside entities.
The SEC also recently concluded a widely publicized investigation with a signed court-order. This settlement has been incorrectly reported by some media outlets as an ongoing investigation, when in fact the settlement concluded the investigation. The court-signed consent decree is one in which neither The Falls or Steve Down affirm nor deny negligence charges under section 17(a)(2) of the SEC securities code which involves negligence, not fraud.
“The result of weathering this storm”, stated Down, “is that The Falls as an organization is a more disciplined organization, more efficient, more stable, and our centers are on a clear path to profitability. This restructuring step moves us further along down that path”.