Finances and Deals: Page 2
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Permission granted by MOD Pizza
Mod Pizza will refranchise corporate stores
The pizza chain’s new owner, Elite Restaurant Group, is undertaking a comprehensive refranchising effort at the largely company-operated brand.
By Aneurin Canham-Clyne • Sept. 13, 2024 -
Permission granted by BurgerFi
BurgerFi declares bankruptcy
The company has struggled with same-store sales declines and net losses for several quarters, mirroring the problems of recent Chapter 11 filings for Red Lobster and Buca di Beppo.
By Julie Littman , Aneurin Canham-Clyne • Updated Sept. 11, 2024 -
Explore the Trendline➔
Violeta Stoimenova via Getty Images
TrendlineRestaurant 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 -
Bruce Bennett via Getty Images
TGI Fridays acquisition falls through, bondholders seize assets
Hostmore still wants to sell its restaurants after the U.K. franchisee’s acquisition plan was torpedoed by the casual dining brand's manager termination event.
By Aneurin Canham-Clyne • Sept. 9, 2024 -
Permission granted by Modern Market Eatery
Thrive Restaurant Group buys Modern Market Eatery
Thrive previously committed to opening 41 units as Modern Market’s largest franchisee, but felt that buying the brand was a natural next step in its growth.
By Julie Littman • Sept. 6, 2024 -
Brandon Bell via Getty Images
Court approves Red Lobster’s restructuring, buyout plan
The seafood chain will emerge from bankruptcy with P.F. Chang’s former CEO at the helm and $60 million in new funding.
By Julie Littman • Sept. 6, 2024 -
Courtesy of Topgolf
Topgolf will be spun off by its parent company
Management pursued a full strategic review of Topgolf following disappointing same-venue sales, and determined separate companies would enhance strategic focus.
By Julie Littman • Sept. 5, 2024 -
Playa Bowls acquired by Sycamore Partners
Under previous owner Tamarix, the fruit bowl chain added over 150 locations. It expects to speed up growth under its new owner.
By Julie Littman • Sept. 4, 2024 -
David Ryder via Getty Images
Investor sues Starbucks, alleging ‘false and misleading statements’
The shareholder claims the company provided false information about its overall performance and growth potential outside of the U.S. Starbucks said the allegations are without merit.
By Julie Littman • Aug. 30, 2024 -
Courtesy of Roti
Roti becomes the latest fast casual brand to file for Chapter 11
The 19-unit brand cited the end of its rent deferral agreements as a contributing factor in seeking bankruptcy protection.
By Aneurin Canham-Clyne • Aug. 27, 2024 -
Thai Phi Le/Restaurant Dive
Suit alleges Boston Market owner Jay Pandya looted Corner Bakery Cafe
Corner Bakery’s new owner, SSCP Restaurant Investors, say Pandya bled the brand dry through cash transfers to his management firm.
By Aneurin Canham-Clyne • Aug. 21, 2024 -
Permission granted by Home Run Dugout/Courtesy of Alex Montoya
Home Run Dugout secures $22.5M, plans expansion
The baseball-centric entertainment concept already plans to open a location in San Antonio, Texas, and Scottsdale, Arizona.
By Julie Littman • Aug. 20, 2024 -
Permission granted by BurgerFi
BurgerFi might go bankrupt
Net losses are expected to be $18.4 million for the second quarter, and cash flow is only $4.4 million, marking a stark financial picture for the chain.
By Julie Littman • Aug. 19, 2024 -
Bruce Bennett via Getty Images
Hostmore, TGI Fridays deal delayed
Management says not to expect a Q3 2024 closure, after the companies revised their combined business plan to a full-franchised model.
By Julie Littman • Aug. 9, 2024 -
Permission granted by Presto
Presto Automation delisted from Nasdaq
Presto’s Interim CEO predicted delisting will let the firm pursue a startup like capital strategy, as its operations shift to the development of new voice-AI.
By Aneurin Canham-Clyne • Aug. 8, 2024 -
Clayton Chase via Getty Images
Buca di Beppo files for Chapter 11 bankruptcy, facilitates sale
The chain closed 13 units last week after shuttering numerous locations across the country over the past several months.
By Julie Littman • Aug. 5, 2024 -
Retrieved from World of Beer Franchising on August 05, 2024
World of Beer among latest casual chains to file Chapter 11 bankruptcy
The craft brew chain’s financial struggles began shortly after it instituted a food and spirit program in 2013 that was met with resistance from franchisees.
By Julie Littman • Aug. 5, 2024 -
Permission granted by Batbox
Batbox secures $7.3M financing, plots US expansion
The baseball-focused eatertainment chain will open its first location in Texas in early 2025 and plans to have 25 units by 2030.
By Julie Littman • July 31, 2024 -
Courtesy of Presto Automation
Presto CEO says the business will survive if delisted
The voice AI company, which went public in 2021, could benefit from a NASDAQ delisting that lets it act more like a start-up, Gee Lefevre said.
By Aneurin Canham-Clyne • July 30, 2024 -
Justin Sullivan via Getty Images
Red Lobster expects positive net income by fiscal 2026
The chain also anticipates adjusted EBITDA growth of 43% from fiscal 2025 to 2027 after emerging from Chapter 11.
By Julie Littman • July 25, 2024 -
Courtesy of Pizza Hut
Pizza Hut franchisee declares bankruptcy
EYM Group has been in a legal battle with Pizza Hut over the past few months and closed over a dozen stores in Indiana and Ohio in June.
By Julie Littman • July 23, 2024 -
Brandon Bell via Getty Images
Red Lobster to be acquired by stalking horse bidder
After it failed to receive any qualified bids, the casual chain will continue the sales process with RL Purchaser, an entity organized and controlled by secured lender Fortress Credit Corp.
By Julie Littman • July 23, 2024 -
Permission granted by One Table Restaurant Group
One Table Restaurant Brands files for Chapter 11 bankruptcy protections
Fees on third-party orders and rising debt costs meant a partial recovery from 2020 was not enough to allow the parent company of Tender Greens and Tacaya to repay its creditors.
By Aneurin Canham-Clyne • July 18, 2024 -
Brandon Bell via Getty Images
The biggest restaurant bankruptcies so far this year
From Red Lobster to Rubio’s, several chains and franchisees went bankrupt as they faced declining traffic, rising costs and other economic factors.
By Julie Littman • July 15, 2024 -
Permission granted by Fat Brands
Fat Brands hires financial expert to help deleverage balance sheet
In his new role, Jordan Chirico will focus on the company’s $1.2 billion debt that built up following Fat’s acquisition spree that began in 2019.
By Julie Littman • July 2, 2024 -
Permission granted by Arby's
Arby’s franchisee files for Chapter 11 bankruptcy
Miracle Restaurant Group declared its second bankruptcy since 2010, citing financial pressures, rising costs, negative same-store sales and its inability to sell a number of low-performing stores.
By Julie Littman • June 26, 2024
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