This adored restaurant and the entertainment chain just filed a bankruptcy
Only two of its 20 sites remain open.
Restaurant concepts combining food and entertainment have suffered significant losses this year due to their dependence on on-site sales. Prolonged closures of many locations have been detrimental toChuck E. Cheese, who ended up depoting for bankruptcy in June, whileDave and Buster's Arranged hundreds of employees and relies on the bankruptcy watch for months.
The latest entertainment restaurant chain for bankruptcy is the social bowl punch, an all-in-one karaoke, an arcade, an event space and a dining room and beverages that had problems since March. The deposit cited the devastating effects of the pandemic as the main reason for the slowdown in society,CNBC Reports. (In touch:More Saddes restaurant closures in your state.)
But Punch Bowl company company, he had no prior knowledge of the filing and questions of his legality.
"The company had no prior knowledge regarding this deposit of two former leaders," said the company in a statement. "We do not know right now if the deposit is even legal and that our secure lender, our Freeders and our Legal Counsel are currently working to solve this problem."
Founded in 2012, the channel was once "one of the hottest concepts of the restoration company", according toRestaurant Business, offering high-end foods and games such as Shuffleboard, Bowling, Ping-Pong and Billiards. Over the years, the company based in Denver has reached 20 locations through a dozen states, most of which have been closed since the beginning of the pandemic. Currently, only two places remain open, one in Austin, Texas and one in Atlanta, GA.
Although posed for success recently that the beginning of this year, the channel has begun to demonstrate at the beginning of the pandemic. In March, the company had closed 19 locations and was facing foreclosure when Cracker Bondi, one of his larger investors,refused to come to the rescue of the chain. Founder Robert Thompson left Social Bowl Punch shortly after.
A bankruptcy hearing is fixed for this week that will illuminate the future of the string weakly.
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