This beloved local burger chain has just filed bankruptcy
The rapid casual restaurant cited debts over $ 8 million and sales to report in the middle of Covid.
With mandated closures of dining spaces in person across the country in the first months of COVID,Restaurants have had a fighting battle Recover financially from the benefits of the pandemic. In 2020 alone, more than 110,000 restaurants and bars closed their doors temporarily or for the property, according to the 2021 of the National Restaurant Association.Report of the state of the restaurants sector; However, even more filed for bankruptcy.
Now, a popular local burger chain has filed for protection against bankruptcy in Chapter 11 in the middle of a serious financial fiscal strain related to the pandemic. Read it to find out if a restaurant in your area is affected by the news of bankruptcy. And for more popular catering facilities faced with serious problems,This emblematic Mexican restaurant has just filled a bankruptcy.
Burgers and Fries of Maylesads filed for bankruptcy Chapter 11.
April 9, Burgers and Quick Occasional Chain FriesClassified for protection against bankruptcy in Chapter 11 in the northern district of Illinois. The parent company of the chain,Craves Brands LLC, tabled in Chapter 11 Protection against bankruptcy on the same day.
The 14 year chainoperates 13 restaurants In the Chicagoland region from a summit of 17 restaurants in 2017 - and employs a total of 161full-time and part-time employees,Restaurant Business reports. And for the latest news from the restaurant closure delivered directly in your inbox,Sign up for our daily newsletter.
The chain owes more than $ 8 million to creditors.
In its bankruptcy deposit, the channel disclosed financial obligations of $ 8.4 million, but assets of only $ 6.7 million,Restaurant Business reports. During his first decade in business, Mihesads had avoided the franchise model on which many other casual catering and fast food restaurants work, but re-examined this position a few years ago.
"Weplan to develop As quickly as the success of our operating restaurants allow us, "founder of Mathie and former CEOTom Jednorowicz RecountCasual fast occasional In 2017. "We are more focused on the performance / community level and develop a successful restaurant after the accumulation of large numbers."
And for another group of troubled restaurants, checkThis popular pizza chain has just filed a bankruptcy.
Matlesads had recently received more than $ 1 million in funding for the paycheck protection program.
After having undergone a 18.9% decrease in sales between 2019 and 2020 and the closure of all his persons in person between March and early May 2020, the chain requested and received more than $ 2.4 million in financing the Payrol Check Protection Program (PPP). between 2020 and 2021.
The parent company's crave marks had also received $ 149,000 worth of economic loan payments. And for more Flamboic restaurants in the middle of the pandemic,This emblematic catering chain firm even more locations.
The creditors of the chain moved to have the deposit of bankruptcy rejected.
LQD Financial, which provided Marelads a loan of $ 6.65 million to 17% interest in 2019, moved to rejecting the bankruptcy of the rejected chain, calling it a "former Stunt Crevrave Manager" , was drawn to stand up. "
It was in 2019 that the founder of malesads and the former CEO of Jednorowicz took place from the company, selling it to the craater and the installation ofMichael Webb as the new CEO of the company. The same year, the chain's franchise in Elmhurst, Illinoisclosed, without the new places of MaATads open since. And for more surprising closures,This thing is disappearing from Walmarts Nationwide.
