Frankies sports bar in Fort Worth closes; owners blame Obamacare
Frankie’s Sports Bar and Grill, a popular spot for watching Dallas Cowboys and TCU football games in downtown Fort Worth, has closed after five years.
In a statement posted on Facebook, owners Bill and Johnnie Katz cited the Affordable Care Act, better known as Obamacare, as the “proverbial straw” that forced their business to shutter.
“Several factors led to this decision, but … if we were to stay in business, there was no way for us to have borne the weight of the oppressive penalties for failing to comply with the mandates (of the Affordable Care Act),” Katz said. “Therefore, another establishment goes out of business. Over 50 people lose their job. Suppliers and vendors lose the revenue of our account. Loyal patrons have one less option for dining out.”
Katz said Monday that between his two locations (the other is in downtown Dallas), he has more than 50 employees and therefore would face a penalty on Jan. 1 between $200,000 and $300,000 because he doesn’t provide healthcare to his staff. The “employer mandate” of the Affordable Care Act requires that all businesses with 50 or more full-time employees provide health insurance to at least 95 percent of those employees and dependents up to age 26, or pay a fee.
Read more here: http://www.star-telegram.com/news/business/article118936183.html
[font color=330099]I wonder how much money Katz rakes in from the two bars? How much would it have cost for Katz to provide healthcare insurance to his employees?[/font]
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