Finances and Deals: Page 2

  • A person wearing a white shirt holds a bat while a green ball floats in the air. There is a projection screen on the right with a baseball field.
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    Permission granted by Home Run Dugout/Courtesy of Alex Montoya
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    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 • Aug. 20, 2024
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    Permission granted by BurgerFi
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    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 • Aug. 19, 2024
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    VioletaStoimenova via Getty Images
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    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
  • An image of TGI Fridays signage with red and white stripes
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    Bruce Bennett via Getty Images
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    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 • Aug. 9, 2024
  • Presto's vision, touch and voice products
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    Permission granted by Presto
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    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 • Aug. 8, 2024
  • An image of a beige brick building with a large sign that says "Buca di Beppo."
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    Clayton Chase via Getty Images
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    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 • Aug. 5, 2024
  • An oval shaped brick facade with a "world of beer" signage in metal gray.
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    Retrieved from World of Beer Franchising on August 05, 2024
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    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 • Aug. 5, 2024
  • A rendering of a sports bar with people scattered throughout on the right there are batting cages and screens.
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    Permission granted by Batbox
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    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 • July 31, 2024
  • A drive-thru menu board with a speaker box at Taco John's
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    Courtesy of Presto Automation
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    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 • July 30, 2024
  • An image of Red Loster sign on the outside of a restaurant
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    Justin Sullivan via Getty Images
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    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 • July 25, 2024
  • Pizza Hut new store concept retrieved by Marketing Dive on April 5, 2021
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    Courtesy of Pizza Hut
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    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 • July 23, 2024
  • A white building with shinges and a logo of a red lobster
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    Brandon Bell via Getty Images
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    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 • July 23, 2024
  • Tender Greens and Tocaya merged in 2021 to become One Table Restaurant Group.
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    Permission granted by One Table Restaurant Group
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    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 • July 18, 2024
  • An image of a white and red building with Red Lobster signage on the front.
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    Brandon Bell via Getty Images
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    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 • July 15, 2024
  • Jordan Chirico in a white dress shirt similing in front of a beige background
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    Permission granted by Fat Brands
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    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 • July 2, 2024
  • Arby's drive-thru
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    Permission granted by Arby's
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    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 • June 26, 2024
  • An image of a building with "Rubio's Coastal Grill" on the outside.
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    Permission granted by Rubio's Coastal Grill
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    What drove Rubio’s to declare bankruptcy again

    Despite completing a restructuring in 2020, the chain struggled to overcome macroeconomic headwinds that led to three years of negative EBITDA. 

    By • June 12, 2024
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    Brandon Bell via Getty Images
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    Deep Dive

    How a bad real estate deal sunk Red Lobster

    Trouble began in 2014 when the chain’s owner sold its real estate in a sale-leaseback, putting the seafood brand on the hook for millions in rent.

    By • June 10, 2024
  • An image of a building with "Rubio's Coastal Grill" on the outside.
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    Permission granted by Rubio's Coastal Grill
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    Rubio’s files for bankruptcy protection

    The company, which has been under financial pressures due to diminishing traffic and rising costs, said a Chapter 11 filing is part of facilitating a sale. 

    By • Updated June 5, 2024
  • Various burgers, chicken tenders, fries and onion rings on a gray table.
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    Courtesy of BurgerFi
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    BurgerFi seeks strategic alternatives

    The company will consider all options as it continues to face liquidity challenges, sales growth problems and net losses. 

    By • May 31, 2024
  • An image of Red Loster sign on the outside of a restaurant
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    Justin Sullivan via Getty Images
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    It’s more than shrimp: What led to Red Lobster’s bankruptcy

    A cash shortage, traffic declines and pressure from equity sponsor Thai Union to become its sole shrimp supplier led to high costs — compounding losses induced by the ill-fated Ultimate Endless Shrimp promo. 

    By • May 21, 2024
  • A sign with a lobster on it that says "This location is closed."
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    Justin Sullivan via Getty Images
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    Red Lobster declares bankruptcy

    The chain’s bankruptcy is the culmination of months of financial woes, which included significant losses, trouble paying its bills on time and a planned divestment by its minority owner. 

    By • May 20, 2024
  • An image of a restaurant with beige paint and a stone facade with "Red Lobster" signage
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    Justin Sullivan via Getty Images
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    Red Lobster closes 48 locations, auctions off contents

    The chain, which has had trouble paying its bills on time, may be considering bankruptcy as its minority owner divests from it. 

    By • May 14, 2024
  • An exterior shot of Twin Peaks restaurant
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    Permission granted by Fat Brands/Twin Peaks
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    Fat Brands files for Twin Peaks IPO

    Fat plans to use the proceeds of an IPO to deleverage its balance sheet, which includes over $1 billion in debt taken on in a flurry of recent acquisitions. 

    By • May 14, 2024
  • An image of a Johnny Rockets counter.
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    Permission granted by Fat Brands
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    Feds indict Andrew Wiederhorn, Fat Brands in $47M loan scheme

    Wiederhorn was slapped with a litany of charges including tax evasion, wire fraud and possession of a firearm as a convicted felon.

    By • May 10, 2024
  • A hand dips a chicken tender into a dipping sauce.
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    Courtesy of Sticky's
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    Chicken tender chain Sticky’s Finger Joint files for Chapter 11

    Low foot traffic in Manhattan, exacerbated by high prices for chicken and potatoes, left 12-unit Sticky’s in a weak position.

    By • April 26, 2024