With time and proper management of resources, restaurants can survive bankruptcy and make a comeback.
Others, likeHale & HeartyandHometown Burger, finally closed down their remaining locations after years of struggling.
Will we see any of these beloved chains prosper again?
Steak and Ale’s Comeback/Facebook
If the past is any indication, it certainly is possible.
The chain has been dormant since, but it seems the concept may still have some life.
Company president Jeff Hetsel, called the effort a “game changer.”
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In early 2023, the chain was also called out byPizzamarkeplace.comfor its innovative and on-brand marketing campaign.
When CPK declared bankruptcy in July 2020, it was$403 million in debt.
In 2021, annual salesclimbed back to $490 million.
Recollection Road / YouTube
Between them, the operators accounted for over 12% of the Golden Corral footprint.
Not long after, however, Nashville-based restaurant group SPB Hospitalityacquired the CraftWorks portfolio for $93 million.
This story has been updated to include additional entries, fact-checking, and copyedits.
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