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Unofficial restaurant chains for staying over the past year fought with many bankruptcy who are seeking to reorganize their work to continue working as continuous concerns.
All these troubled restaurants first faced setbacks five years ago during the Covid-19 pandemic and were not fully recovered. After the epidemic has calmed down, other economic problems are added to its distress with the high costs of employment, food and supplies from inflation, increased interest rates on debt, and changing consumers’ positions in eating.
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Many restaurants that have been common for more than 50 years, such as Red Lobster and TGI Friday, are needed to apply for bankruptcy to reorganize their business and stay in business. Red Lobster presented Chapter 11 on May 19, 2024, closed 120 restaurants and still runs about 545 sites.
Related: The formerly closed retail chain is re -launching business
On Friday, TGI applied for bankruptcy protection, Chapter 11 on November 2, 2024, to sell the company’s assets, reduce restaurants’ imprints, and reject contracts and unsuccessful contracts. The company obtained about 600 concessions all over the world, including 213 American sites, before it was provided for bankruptcy.
One of the most recent bankruptcy of the food chain was Addison, Texas, its headquarters on March 26. Blh Topco LLC has provided a “Gastrobar” series for the “Gastrobar” series, to reorganize and close sites.
Bar Louie, who had up to 130 sites in 2020, currently has 48 sites, according to his website.
HOOTERS of American Files Failruptcy
Now, the famous HOOTERS of America series in the informal eating chain, which has struggled financially over the past year, has advanced to protect the bankruptcy of Chapter 11 on March 31 to reorganize its business, as well as a plan to sell more than 100 of its sites to the buyer’s group led by the concession.
Related: The huge retailer in shopping centers is bankruptcy and closes all stores
The concession owner and the operator, who is based in Atlanta, submitted his headquarters to more than 420 HOOTERS restaurants in 42 states and 29 countries, along with 29 subsidiaries in the American Banking Court of the Northern Region of Texas, where it included from 50 million dollars to $ 100 million in assets and liabilities.
More bankruptcy:
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On the same day, Hooters of Americana reached an agreement to sell more than 100 companies owned by concession owners HOOTERS Inc. The Hoot Owl Restaurants LLC, will provide an administrative agreement according to which Hooters Management, an entity led by Jupiter Group, is the majority of concession support functions, according to a statement.
The buyer group consists of the current HOOTERS concessions, including the founders of the original series, who own and manage more than 30 % of the American company’s sites and 14 out of 30 HOOTERS restaurants.
All current HOOTERS franchise sites, including those outside the United States, will be operated through the company’s concession and licensing partners. The statement said that when all transactions are completed, the buyer will own and operate about 70 % of local sites in HOOTERS.
Nile Kevir, CEO of HOOTERS Inc. said. In a statement, “For many years so far, the Hooters brand has been owned by private stock companies and other groups that have no date or experience with the HOOTERS brand.”
“As a result of these transactions, the HOOTERS brand will be in the hands of high -experience HOOTERS concessions, and we will be in a good position to restore this iconic brand to its historical success.
Related: After closing 700 stores, the huge car parts chain opens sites
