11 Dec Golden Krust Founder Commits Suicide Over Possible Tax Debt
It is so very unfortunate that Mr. Lowell Hawthorne (CEO and founder of Golden Krust) shot and killed himself last week in his Bronx warehouse. As it turns out, the IRS was investigating him for possibly attempting to evade millions of dollars in taxes. A family member told detectives that he admitted the huge tax debt, and he was “acting funny” and “talking to himself” just before he killed himself.
Lowell Hawthorne went to New York in 1981 and graduated from Bronx Community College before working as an accountant with the New York Police Department for nine years. His family pooled toghether $107,000 to open the first restaurant (after banks refused to loan them the money). They grew from one restaurant to hundreds of restaurants in over 30 states. They have plans to open more than an additional 250 stores in US, Europe, Canada, and the Caribbean over the next five years. They also produce over 250,000 “patties” of beef, veggie, spicy beef, and cheese that supply the restaurants and the frozen foods isles in stores near you. This is really the truth of the American Dream, to move from nothing, scraping by to a company that does millions of dollars a year in sales.
It is a tragedy that this happened. While there is NEVER a good reason to commit suicide, tax debt is defiantly NOT a good reason. There is always another option.