This popular chain restaurant has just filed bankruptcy
The beloved restaurant was more than just a restaurant, but now it's in danger.
It would be a euphemism to say that this has been a turbulent year for the hospitality industry. With locks forcing restaurants to close for weeks or even months in the end, some had to permanently preparation or file in chapter 11 Protection against bankruptcy in the hope of recovering their businesses. According to S & P Global, there were more than 50Retail bankruptcies This year, the highest figure in 11 years. And this week we learned another deposit:Social bowl punch Simply announce that it depends on Chapter 11 of bankruptcy.
Designed as a "eatering" chain, the restaurant was added the usual food and beverage offerings with arcade games and karaoke sessions for what it called "serious food and funning of the real world" . But the coronavirus put social bowl punch in an impossible situation.
"In a tale now too familiar, accounts receivable companies were immediately and significantlynegatively affected by COVID-19, "According to the business of online restaurants," unfortunately, "unfortunately, because of the restrictions limiting the number of customers at each place, as well as the malaise of the public to go out to eat or drink in public during a pandemic, each of these places wasLosing money on a daily basis. "
Bankruptcy deposits Show that Punch Bowl has liabilities of $ 10 million and $ 50 million, CNBC reports.
Pre-Pandemic, Social Punch Bowl was extended to 20 locations, having a $ 140 million investment from the Cracker Barrel. But as the judgments started in the states where the chain was growing in California, Texas and some premises throughout the CEO of the MidwestRobert Thompson, who founded the company in 2012, left the company, the first sign of serious problems.
Read on some of the other recent victims of the current economic situation and for more detail news that can affect you, seeThis legendary channel closes more than 1,000 stores by March.
Read the original article onBetter life.
1 Francesca
Tween and Young Adult Store Francesca has once a shopping center, but in December, the company announced that it depositsChapter 11 Protection against bankruptcy. Soon afterwards, Francesca announced that 97 stores would closing, which was added at 140 Francesca pitchespreviously announced closed In November, means more than a third of the 700 chain locations close. And for another elegant business making big changes, checkThis iconic clothing chain closes its main stores.
2 In shape
After almost 40 years, Californians go and in good health,The Gym Group in Shape announced that he had tabled Chapter 11 in mid-December. "As you know, the mandatory stop of California from the gyms kept us closed for the best part of 2020," a statement of the corporation read, noting that thestatement of state Have "the revenues of [in the form of the spectacular shape]". The built-in form hope they can re-emerge in 2021 with a smaller gym portfolio. And for another company taking a big success, checkThis iconic department store will close 165 locations at the beginning of next year.
3 Guitar center
Guitar center, the largest detailer of the musical instruments of the nation,deposited for bankruptcy in November. Guitar Center opened its first store in 1959, with its large flagship store on the Sunset Boulevard, which has been accessing the music scene of Los Angeles for more than three decades. In a statement published on the Company's website, Guitar Center announced that it entered a restructuring transaction to reduce $ 800 million and to maintain open stores during their restructuring. And for regular detail news delivered directly to your inbox,Sign up for our daily newsletter.
4 Company
Company Food and Supply ChainCompany announced in early November that he slammed all 358 sites in the United States. "The company's stores have been considerably affected by WCVID-19 winter restrictions," Chief Restructuring Officer of Pet ValueJamie Gould said in a statement. "After a thorough review of all the alternatives available, we made the decision difficult but necessary to start this ordered wind." And for more information on the latest news from the retail and hospitality, discover which The legendary chain is on the point of bankruptcy .
