The restaurant industry is as unpredictable as ever.
With these recent filings, multiple restaurant chains have had to streamline their restaurant portfolio byshuttering locations.
Read on to discover all the restaurant chains that have sought bankruptcy protection in 2024.
Photo: Steve Cukrov / Shutterstock
Franchised TGI Fridays restaurants will also remain open.
The company recentlylost control of most of its assetsafter it failed to file documents to bondholders on time.
“The primary driver of our financial challenges resulted from COVID-19 and our capital structure.
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(That lawsuit was settled earlier this year).
The chain blossomed and expanded during the craft beer boom in the early 2010s.
Then the pandemic hit and made the road even tougher.
Photo: John M. Chase / Shutterstock
The company hopes to restructure and focus on its profitable locations.
Now, the chain is looking to position itself for success byfiling for Chapter 11 bankruptcy.
The bankruptcy filing is intended to optimize operations and enhance the dining experience for customers.
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The chain is also opening one additional location.
Gotham Restaurants LLC, the restaurant’s parent company, filed for Chapter 11 bankruptcy protection on July 24.
Meanwhile, Gotham temporarily halted its lunch and dinner services after recently losing $45,000 in an alleged cyberscam.
Roti
Therestaurant’s websitesays it’s “working to reopen this September.”
In good news for fans, the company doesn’t plan to close any of its locations for now.
Tender Greens' currently operates 24 restaurants in California, while Tocaya operates 15 across California and Arizona.
Photo: World of Beer
Additionally, Melt will close its Akron and Mentor, Ohio, locations this month, according toWKYC.
In 2024, Melt also shuttered locations in Cedar Point, Independence, and Avon, Ohio.
Two months after filing for bankruptcy, Rubio’sreceived a new owner.
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Rubio’scurrently operates 86 locations in California, Arizona, and Nevada.
In good news for Red Lobster fans, the seafood chain isgetting a second chancefollowing all its financial woes.
The lender Fortress Investment Group has come forward to buy Red Lobster out of bankruptcy.
Gotham Restaurant / Facebook
The changes for Tijuana Flats didn’t stop at a bankruptcy filing and new owner.
This ultimately led to a decline in sales.
Beyond Boxer’s closures, SuperDeluxe, which once operated five restaurants, now hasjust three locations.
Photos: Tocaya – The Point/Shutterstock, Tender Greens/Facebook. Design: Eat This, Not That!
Beyond its financial struggles, the chain has gotten sued multiple times.
In 2022, the similarly named, older barbecue chain Sticky Fingers sued Sticky’s over trademark infringement.
This is the second Popeyes operator to file for bankruptcy sincelast March.
Melt Bar & Grilled
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Sticky’s / Facebook
Courtesy of Popeyes
