This Popular Chain Restaurant Just Filed for Bankruptcy
It would be an understatement to say that it was a turbulent year for the hospitality industry. Due to lockdowns that force restaurants to close for weeks or even months, some have had to close permanently or seek Chapter 11 bankruptcy protection to save their businesses. According to S&P Global, there have been more than 50 personal bankruptcies this year, the highest number in 11 years. And this week we heard about another filing: Punch Bowl Social just announced that it was going to file for bankruptcy.
The restaurant was designed as an "eatertainment" chain, combining the usual food and drink offerings with arcade games and karaoke sessions for what it called "serious foodertainment and real fun". But the coronavirus put Punch Bowl Social in an impossible situation.
"In a now too familiar story, debtors' businesses were immediately and severely impacted by COVID-19," Punch Bowl said in its bankruptcy filing, according to Restaurant Business Online. "Unfortunately, each of these venues was losing money every day due to restrictions limiting the number of visitors to each venue and public unease about eating or drinking in public in public during a pandemic."
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Bankruptcy filings show Punch Bowl has liabilities between $ 10 million and $ 50 million, reports CNBC.
Before the pandemic, Punch Bowl Social had grown to 20 locations and received a $ 140 million investment from Cracker Barrel. But when the stalemate began in states where the chain was growing - such as California, Texas, and some regions in the Midwest - CEO Robert Thompson, who founded the company in 2012, left the business, the first sign of serious problems.
Read on to find out about some of the other recent victims of the current economic climate. For more retail news that may affect you, see This legendary chain is closing over 1,000 stores by March.
Read the original article on Best Life.
francescas clothing store exterior entrance
Tween and Francesca's young adult business were once a malls staple, but in December the company announced it was filing for Chapter 11 bankruptcy protection. Soon after, Francesca announced that 97 stores would close, which - adding to 140 locations that Francesca had already announced closing in November - means that more than a third of the chain's 700 stores will be closed. And for another classy company making big changes, check out this iconic clothing chain that is closing its biggest stores.
Young man sitting and lifting a dumbbell near the rack in the gym. Male strength exerciser doing bicep lock in fitness center
After keeping the Californians fit and healthy for nearly 40 years, the in-shape fitness group announced that they filed for Chapter 11 in mid-December. "As you know, the California-mandated gym shutdown has shut us down for most of 2020," said a company statement that found the statewide shutdowns "are dramatically affecting [In-Shape ]'s revenue to have". In-Shape hopes they can re-emerge in 2021 with a smaller portfolio of gyms. And for another company that is having a huge hit, check out this iconic department store that will close 165 locations by early next year.
Showcase of the Guitar Center in Santa Clarita, CA.
Guitar Center, the nation's largest musical instrument retailer, filed for bankruptcy in November. The Guitar Center opened its first store in 1959. The huge flagship store on Sunset Boulevard has been an integral part of the Los Angeles music scene for more than three decades. In a statement posted on the company's website, the Guitar Center announced that they are entering into a restructuring agreement to reduce debt by $ 800 million and plan to keep operations open during their restructuring. Sign up for our daily newsletter to receive more regular retail news straight to your inbox.
Pet Avlu store exterior
Pet Food and Supply Chain Pet Valu announced in early November that all 358 locations in the US will be closing. "The company's branches have been severely affected by the protracted COVID-19 restrictions," said Jamie Gould, Pet Value's chief restructuring officer, in a statement. "After a thorough review of all available alternatives, we made the difficult but necessary decision to begin this orderly process." If you want to find out more about the latest retail and hospitality news, find out which iconic chain is on the brink of bankruptcy.
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