This channel just declared bankruptcy
The pandemic hit this chain hard.
Quite a few restaurants have alreadydeposited for bankruptcyAfter the dining rooms in case of coronavirus pandemic to forced close. Although someare pulling through, Some might be next (Ruby Tuesday is one of them!) But the most recent chain of judicial recovery chapter 11 is Garbanzo fresh from the Mediterranean.
The Fast-Casual favorite has 25 places in several states like Massachusetts, Pennsylvania, Virginia, Georgia, Indiana, Illinois, Minnesota, Texas and Colorado. Sales of their pitas, salads, gyroscopes and laffa dropped during the pandemic. However, the profit issues were around before.
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According toRestaurant BusinessThe chain is $ 2.2 million less last year compared to 2018. In February they hired a restructuring advisor, hoping to reverse negative gains. But sales fell by 75% when quarantine started. Restoration was a large part of Garbanzo's activities and bookings fell by 90% during the pandemic.
Most Fresh Garbanzo Mediterranean locations will remain open to limited operations despite the deposit of bankruptcy. This does not allow the company to go through the restructuring to save money.
Several other channels that also had to declare Chapter 11. The daily bread filed in May and was bought by Aurify Brands, save at least 35 coffee locations. Crafts, which operates the restaurants Roadhouse Logan, more Old Chicago Pizza & Tautroom, Rock Bottom Restaurant & Brewery, and Big River Grid & Brewing Works, deposited in April. They also announced while all Logan Roadhouse locations are indefinitely reorganized. These are not the only ones, however. here is11 Major restaurant chains that filed the balance sheet recently.
With coronavirus cases continues to increase in the country and restoration of restrictions still in place, other favorites of the chain could be in neighboring limbo. Locations like Denny, Outback Steakhouse and The Cheesecake Factory are trying to stay afloat. here are the6 beloved restaurant chains that are right now important problem.
