It has been a bizarre year for restaurants when it comes to bankruptcy, with very few deposits and none after early June, possibly due in part to court closures and understaffing throughout the pandemic.
Still, there was a lot of interesting news in the world of restaurant finance. Many chains that filed for bankruptcy in 2020 restructured and emerged in early 2021, including Punch Bowl Social and Ruby Tuesday. The brand now known as Beatnic, formerly By Chloe, finally resolved pending legal disputes, emerged from bankruptcy and was renamed entirely throughout the year.
Golden Corral’s second-largest franchisee filed for Chapter 11 bankruptcy in April, following in that brand’s footsteps the biggest franchisee, who filed in October 2020. And Casa Bonita, a Colorado icon, filed for bankruptcy and was ultimately purchased by none other than the creators of the “South Park” TV show.
Click the gallery to stay up to date with financial news from 11 restaurant companies that filed for or came out of bankruptcy in the second year of the pandemic.
Contact Leigh Anne Zinsmeister at [email protected]