Pair of Florida marinas struggle

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Two Florida marinas are the latest to fall victim to tough economic times.

The Flagship Marina in Sebastian, Fla., has foreclosed in what is one of the largest commercial foreclosure amounts in the city this year, according to a local report by TCPalm.

The owner, Damien Gilliams, also owns the Paradise Marina and the No Name Sports Bar, both located in Indian River County. As of last Friday, Gilliams was trying to sell both Flagship and Paradise marinas.

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The Hideaway Marina Limited Partnership at Pompano Beach, Fla., filed for Chapter 11 last Friday, according to a report on MSN.com.

The marina is still in operation and the bankruptcy petition states the business has been in the hands of a receiver since June.

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