The 6 biggest casual chain bankruptcies since the COVID-19 pandemic

CEC Entertainment and CPK have long since recovered from Chapter 11, while others like Red Lobster filed for bankruptcy last year after failing to grow sales.

By Julie Littman • March 12, 2025

Pinstripes keeps itself afloat with $7.5M loan

The troubled eatertainment chain was suspended from the New York Stock Exchange and won’t appeal its delisting, as its lender takes an 85% share in the company. 

By Aneurin Canham-Clyne • March 7, 2025

Explore the Trendline➔

Restaurant Financing

With ongoing macroeconomic pressures facing restaurants, operators are entering into alternative financing, mergers and acquisitions and even bankruptcy to sustain their businesses. 

By Restaurant Dive staff

On the Border is the latest casual chain to file for Chapter 11

The company, which has 60 units remaining, closed 40 underperforming locations in February after several months of declining liquidity.

By Julie Littman • March 6, 2025

Starbucks replaces CFO with Walmart, Target vet

Cathy Smith will replace Rachel Ruggeri at an undetermined date, with Ruggeri remaining for some time to ease the transition.

By Aneurin Canham-Clyne • March 4, 2025

Bloomin’ slows US growth to focus on Outback turnaround

With same-store sales slipping, Bloomin’ is changing its strategy, trimming its menu and devolving power to brand presidents.

By Aneurin Canham-Clyne • Feb. 27, 2025

Just Salad raises $200M to boost unit growth

The salad chain, which has about 90 units and a $1 billion valuation, is looking to expand beyond its core markets.

By Aneurin Canham-Clyne • Feb. 25, 2025

Pinstripes CFO departs, company explores strategic alternative

The eatertainment brand saw same-store sales fall 7.7% last quarter, and failed to maintain a leverage ratio required by a financing covenant.

By Aneurin Canham-Clyne • Feb. 21, 2025

How Chili’s boosted comparable sales by 31%

Value-oriented ads and marketing for its Triple Dipper menu boosted the chain’s traffic by nearly 20%, driving a record-breaking quarterly performance.

By Julie Littman • Jan. 30, 2025

What’s driving Twin Peaks’ growth and $5M AUVs

The sports bar chain, which is now publicly traded, leans on its menu diversity, service model and alcohol mix to target $1 billion in sales. 

By Julie Littman • Jan. 30, 2025

Twin Hospitality Group expects to go public on Jan. 30

Fat Brands’ spinoff of its highest-performing brands will help it deleverage its balance sheet, which includes $1.2 billion in debt.

By Julie Littman • Updated Jan. 17, 2025

Private equity firm buys majority stake in Rita’s Italian Ice

The investment from Maple Park Capital Partners will support the 575-unit chain’s ongoing expansion into new regions, including Texas and Michigan.

By Julie Littman • Jan. 9, 2025

PAR Technology buys Delaget for $132M

The food service point-of-sale and payments software provider said it bought the data analytics company to better service restaurant operators.

By Lynne Marek • Jan. 3, 2025

Noodles & Company warned of Nasdaq delisting

After third-quarter earnings disappointed and its stock price fell under $1, the company has yet to recover.

By Julie Littman • Jan. 2, 2025

World of Beer emerges from bankruptcy

The company restructured its debt and plans to open upward of 20 units within the next five years. 

By Julie Littman • Jan. 2, 2025

Why activist investors will keep targeting restaurants in 2025

From a CEO-ouster at Starbucks to pressure on The Cheesecake Factory to spin off smaller brands, activist investors took dramatic measures to boost shareholder value in 2024.

By Julie Littman • Dec. 16, 2024

The 10 biggest M&A restaurant deals of 2024

While transactions slowed this year, there were still some transformative deals, like Blackstone’s $2 billion buyout of Tropical Smoothie Cafe and Darden’s $600 million Chuy’s acquisition.

By Julie Littman • Dec. 12, 2024

SPB Hospitality sells brewery, specialty brands

The transaction will allow SPB to focus on growing its flagship brands like Krystal, Logan’s Roadhouse and J. Alexander’s.

By Julie Littman • Dec. 11, 2024

Former TGI Fridays CEO Ray Blanchette offers $30.5M for 9 company restaurants

The bid for the restaurants shows some potential buyers still have confidence in the brand’s value, despite its recent closures.

By Aneurin Canham-Clyne • Dec. 9, 2024

10 of the restaurant industry’s most impactful bankruptcies of 2024

While dozens of brands and operators filed for bankruptcy this year, a sample of major filings show a range of problems from rising labor costs to low traffic.

By Aneurin Canham-Clyne • Dec. 5, 2024

BurgerFi sells its assets for $54M

CEO Carl Bachmann has left the chain after holding the post for over a year, joining Anthony’s Coal Fired Pizza and Wings’ new owner.

By Aneurin Canham-Clyne • Dec. 3, 2024

Jersey Mike’s sells majority stake to Blackstone

The transaction, which is expected to close early next year, will allow the sandwich chain to accelerate its growth and invest further in technology.

By Julie Littman • Nov. 19, 2024

Customer retention relies on what you bring to the table

Serve up the best strategy for loyalty: Bring guests back with a tailored loyalty program.

Nov. 11, 2024

Buca di Beppo to be sold to stalking horse bidder for $27M

Main Street Capital Corporation originally provided the chain a loan of $47 million in 2015 and will buy it out of bankruptcy. 

By Julie Littman • Nov. 6, 2024

Why TGI Fridays filed for bankruptcy

The casual chain’s fortunes soured this year as scores of stores shut and bondholders took control of its assets, ending a proposed merger.

By Aneurin Canham-Clyne • Nov. 4, 2024

Chipotle remains focused on core strategy, efficiency improvements, interim CEO says

Under Scott Boatwright, Chipotle aims to follow a steady course and carry out key initiatives like adding expediters and back-of-house equipment to boost throughput.

By Julie Littman • Oct. 30, 2024