One other widespread restaurant chain information for Chapter | International Market Information
Financial issues that informal restaurant chains confronted in 2024 are nonetheless forcing eating companies into financial misery in 2025.Elevated labor and food prices brought on by inflation have cut into income, forcing eating places to raise costs that may typically discourage patrons from eating. Rising rates of interest have additionally elevated the fee of debt for corporations, decreasing income. 💸💰 Do not miss the transfer: Subscribe to TheStreet’s free every day publication 💰💸 The answer for a number of restaurant chains has been to close underperforming or unprofitable places, launch out-of-court restructurings, or perhaps file a Chapter 11 or Chapter 7 chapter.Associated: Devastating news forces Tesla rival to file Chapter 11 bankruptcyFast-casual Mexican chain Tijuana Flats on April 19, 2024, filed for Chapter 11 chapter, closed 11 of its places and bought the company to a new possession group. It emerged from chapter in January 2025.The company stated that the sale and chapter submitting was the end result of a strategic review that it started in November 2023 in search of choices to improve its business.Italian restaurant chain Buca di Beppo on Aug. 4 filed for Chapter 11 chapter safety in search of to reorganize after closing 13 underperforming places within the week earlier than it filed for chapter.
The company asserted that the chain’s operations had been impacted by a vital drop in gross sales, rising food and labor prices, continued staffing challenges, and adjustments to clients’ eating preferences.
High restaurant bankruptcies in 2024.TheStreet
The company, which had 44 remaining places in 14 states after the closings, bought its remaining property to its prepetition lender Foremost Avenue Capital Corp. for a $27 million credit bid.Iconic restaurant chain TGI Friday’s Inc. filed for chapter safety on Nov. 2, 2024, in search of to reorganize its business, promote sure company property, additional cut back its restaurant footprint, and reject unfavorable leases and contracts.TGI Friday’s filed motions on Jan. 28, 2025, to promote 18 of its remaining eating places and close its different 12 remaining places that lacked curiosity from potential patrons.Quick-casual eating places file for chapter Smaller fast-casual chains are struggling to remain afloat as properly. Rising prices from inflation and customers tightening their belts in an unsure economic system are decreasing income and creating financial misery for sure eating places.Quick-casual chain The Biscuit Bar filed for Chapter 11 safety to reorganize its business, going through financial misery.
The Plano, Texas-based restaurant chain filed its petition on Feb. 6 within the U.S. Chapter Court docket for the Northern District of Texas to restructure the money owed of its six biscuit sandwich eating places.The Biscuit Bar, which operates eating places in Abilene, Coppell, Dallas, Fort Price, North Arlington, and Plano, Texas, listed $50,000 to $100,000 in property and $1 million to $10 million in money owed in its petition.
Greenleaf Kitchen & Cocktails information for Chapter 11 chapter.Picture source: Shutterstock
Greenleaf Kitchen information for Chapter 11 chapter And now widespread healthy connoisseur restaurant chain Greenleaf Kitchen & Cocktails filed for Chapter 11 safety on Feb. 18 to reorganize its business.Associated: Previously bankrupt Mexican chain turns heads with main changeThe Los Angeles-based informal restaurant chain listed $500,000 to $1 million in property and $1 million to $10 million in liabilities in its petition.Extra chapter:
The debtor Greenleaf 2 CPE and two associates, Greenleaf 4 SOCO and G7 Venice, reported that funds can be accessible for distribution to unsecured collectors.The roots of Greenleaf date back to 2007 when founder Jon Rollo opened his first Greenleaf Gourmand Chopshop in Beverly Hills, Calif.Greenleaf’s web site presently lists 5 places, two in Los Angeles, two in Costa Mesa, Calif., and a location at USC Village in Los Angeles that closed in early January, in accordance with an Instagram post.Associated: Veteran fund supervisor points dire S&P 500 warning for 2025
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