This emblematic catering chain firm even more locations
The second largest franchisee of the brand has just filed bankruptcy and lived on half of its locations.
Few industries have been affected by Covid than the restoration sector. According to the report of "State of the Restaurant Industry" of the National Restaurant Association (Via Restaurant.org), the restaurant industry sawSales falls from $ 240 billion In 2020, and more than 110,000 bars and closed restaurants, or temporarily, be good in the middle of the pandemic. These are not just small businesses feeling heat, though. One of Golden Corral's largest corral buffet franchisees now ends up more than half of his restaurants following a recent bankruptcy deposit. Read it to find out if your local golden coral can be affected by closures. And for more changes, you can expect to see because of COVID,These beloved foods disappear grocery shelves, experts warn.
Golden Corral Franchisee Platinum Corral closed more than half of his restaurants.
Platinum Corral, the second largest franchisee of Golden Corral, recently got 16 from its 28 restaurants,Restaurant Business reports. Platinum Corral, which operates restaurants in North Carolina and Virginia, filed for the protection of the bankruptcy of Chapter 11, listing $ 49.4 million in liabilities in its bankruptcy deposit.
"We sincerely appreciate the hard work, dedication and hospitality shown by our employees and are grateful for the support and patronage of each community for so many years", CEO of Platinum CorralBill Sewellsaid in a statement. And for the latest news from the store closure delivered directly to your inbox,Sign up for our daily newsletter.
The CEO of Platinum Corral remains optimistic to avoid new closures.
Platinum Corral, which has exploited its permanently since 1996 corporate franchises, with the exception of mandated Covid closures, may have suffered major losses in its portfolio in the middle of the pandemic, but Sewell says it is confident that the group's bankruptcy deposit can help avoid closing additional restaurants.
"We strongly believe that the restructuring will allow us to successfully use 12 Golden Corral Buffet restaurants in North Carolina and Virginia in the long term," Sewell said in a statement. And for more clogging companies in the middle of the pandemic,These 3 brands of beloved clothes have just filed bankruptcy.
Golden Corral's largest franchisee also deposited for bankruptcy in the middle of Covid.
Platinum Corral is not the only franchisee Corral gold to undergo serious losses in the middle of the pandemic. In October,Restaurant Business reported that the biggest franchisee of Golden Corral, 1069 Restaurant Group, had tabled forChapter 11 Protection against bankruptcy, and onlySix of its 33 restaurants Corral d'Or remained open. The company quoted liabilities totaling $ 49.7 million - most of the group attributing to reporting sales and restaurant closures mandated in the middle of the pandemic - as the impulse behind its bankruptcy deposit.
And for another restaurant that could end, checkThis emblematic Mexican restaurant has just filled a bankruptcy.
Golden Corral has already got more than 200 restaurants.
Even before his recent franchise bankruptcy deposits, Golden Corral has already seen his portfolio of restaurants shrinks considerably in the middle of the pandemic. In an interview of 2021 of March withRestaurant Business, CEO of Corral GoldenTrén revealed that theThe chain had narrowed From 490 buffet restaurants to 290 buffets and 40 cafeteria restaurants in the middle of the pandemic, in addition to the 2,290 leave of its employees.
"The realities of the current situation havehave forced us to make difficult decisions, "said Tenaire in a statement (viaNews from the Nation's restaurant) "We know that these decisions affect the team members working on the shoulder with every day." And if you want to protect yourself to eat safely, checkThe CDC says if you see that in a restaurant, do not enter inside.