At the end of July, Buca di Beppo made headlines after closing 13 locations. Now, the chain is looking to position itself for success by filing for Chapter 11 bankruptcy.
After 40 years in business, the iconic New York City fine dining eatery Gotham Restaurant is contending with bankruptcy and has temporarily closed its doors to customers. Gotham Restaurants LLC, the restaurant's parent company, filed for Chapter 11 bankruptcy protection on July 24.
One Table Restaurant Brands—the parent company of the salad chain Tender Greens and the Mexican chain Tocaya—officially filed for Chapter 11 bankruptcy on July 17.
On June 14, Melt Bar & Grilled, a Cleveland, Ohio-based restaurant chain known for its gourmet grilled cheese sandwiches, filed for Chapter 11 bankruptcy. According to the filing, the company has been struggling to pay its landlords, vendors, and service providers.
Just a few years after declaring bankruptcy during the COVID-19 pandemic, Rubio's officially announced its second Chapter 11 bankruptcy filing on June 5. The chain attributed the move to rising costs, declining customer visits, and the new $20 minimum wage for fast-food workers in California.
About a week after making headlines for abruptly closing dozens of locations, Red Lobster announced it had filed for Chapter 11 bankruptcy. Jonathan Tibus, Red Lobster's CEO, said in a press release that the bankruptcy will enable the company "to address several financial and operational challenges.
In April, Tijuana Flats, the Florida-based Tex-Mex restaurant chain, shared several restructuring plans, one of which was filing for Chapter 11 bankruptcy protection. According to Restaurant Business Online, the chain has nearly $19 million in debt.
At the end of April, Boxer, a small Portland, Ore.-based Ramen chain, announced via Instagram that it will be closing all four of its restaurants on May 29 after filing for Chapter 11 bankruptcy with its sister chain SuperDeluxe in February.
After struggling with pandemic-related issues and various legal troubles, New York-based Sticky's Finger Joint filed for Chapter 11 bankruptcy at the end of April. During the pandemic, the chicken tender chain experienced decreasing sales and restaurant closures and now operates just 10 locations.
At the end of January, RRG, a 17-unit Popeyes franchisee filed for Chapter 11 bankruptcy and attributed this to three underperforming restaurants. According to the filing, the restaurants "have significantly lost money and caused a financial burden on the continued operation of the remaining restaurants.