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Hustle coworking space for women files Chapter 11 bankruptcy

LOVELAND — An effort to create a coworking space for women that opened this past spring has filed for Chapter 11 bankruptcy protection.

Hustle Workshop LLC, founded by attorney Kelli Riley, grew out of a frustration that she experienced in trying to find a workspace for herself that was friendly to professional women. She located the facility at 1750 Foxtrail Drive, Unit B, in Loveland, which is immediately west of the Outlets at Loveland.

The facility contains 13 private offices, a conference room and yoga studio. Its central area could be converted for event usage capable of accommodating 466 people. The company added child care resources. Its founder said she was hoping to create an uplifting place for women to work.

The bankruptcy filing lists Riley as the managing member of the LLC. The company’s bankruptcy attorney is Nathaniel Thompson.

The filing shows total liabilities of $721,153 of which $453,881 is unsecured. Total assets were listed at $152,583, most of that ($123,959) in furniture and fixtures.

Among the liabilities was a $170,000 loan from Canvas Credit Union; it was secured by Riley’s principal residence.

A $423,968 liability to Hillside Construction Inc. was listed as disputed.

The company listed gross revenue this year through the Nov. 14 filing date of $196,074. 

Riley told BizWest today that nine of the private offices are leased, and she anticipates that the business will continue to operate once through this rough patch.

She said she hired an architect and contractor in January; they applied for a building permit from the city of Loveland but it wasn’t approved until April. “We were paying rent for seven months before opening,” she said. She also said she encountered unanticipated expenses related to licensing of the child care facility, and construction went $150,000 over budget.

Source: BizWest