Nearly two weeks after the bank holding the mortgage on the financially beleaguered Swifty’s Restaurant & Pub began foreclosure proceedings on its original location in Bethlehem, the owner said Tuesday he is working to save the business.
After saying on Monday, “The plan is not to close,” owner Dave Swift closed the two remaining Swifty’s locations, on Delaware Avenue and on Everett Road in Colonie, from Tuesday through Thursday this week for what a sign on the door calls a “spring break.” They will reopen Friday, according to the signs. The third Swifty’s, in Utica, never reopened after the business was seized in December for more than $2 million in unpaid sales and withholding taxes. Swift confirmed Tuesday that the Utica location is permanently closed.
In his first public comments since NBT Bank filed a lawsuit on April 2 to begin foreclosure proceedings, Swift said he hopes to rebuild staff and continue to “provide our patrons the best possible service.” Both Swifty’s were open on Monday, though the Delaware Avenue location was not serving food, and staff told patrons the manager’s last day had been Sunday.
In its suit, NBT Bank said Swift and his estranged wife, Rebecca Swift, stopped making payments on a $300,000 mortgage on 367 Delaware Ave. They also failed to make payments on a $25,000 line of credit, in total owing $108,768, with interest accruing daily, according to the legal filing. The Swifts have until April 22 to respond to the suit. If they fail to respond, a default judgment will be entered against them, and NBT Bank will take control of the property. Dave Swift did not address the foreclosure in his brief text messages to the Times Union on Monday and Tuesday.
The Swifty’s Pub website is offline. Swift said he is looking into it.
The foreclosure proceeding is the latest blow to the troubled watering holes. A spokesperson for the state Department of Taxation and Finance told the Times Union last week that Swifty’s owes $2.2 million in unpaid sales and withholding taxes. A state database of tax warrants on Wednesday showed more than a dozen warrants outstanding for Swift personally and other entities associated with the business.