“Bar Rescue” host Jon Taffer has been heavily on a restaurant filing for bankruptcy, and his show is being renewed for the 10th season.
At the border, Mexican Grill & Cantina filed for bankruptcy protection this week after struggling to compete in a macroeconomic environment.
The Tex-Mex chain, owned by Argonne Capital Group, filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in the Northern District of Georgia earlier this week after closing 40 locations. According to the bankruptcy filing, the company operates 80 locations in the US and internationally.
Like its rivals, the company said in recent years, as traffic volumes have declined, struggled to keep workers, and struggled to face increased costs as the minimum wage rises, according to the Associated Press.
Fox Business has contacted the Argonne Capital Group for comments.
The Red Lobster is back. CEO plots the future of the seafood chain
It's the latest The number of major restaurant chains is increasing It filed protections in the Bankruptcy Court after struggling to manage the heavy debts it had accumulated during the Covid-19 pandemic. This isn't the last one, according to bankruptcy lawyer Daniel Giltzynski.
At the border of Mexico at dusk. (Jeffrey Greenberg/Universal Images group via Getty Images)
TGI Friday, Denny's, Ruby Tuesday, Rubio's coastal grill, Red Lobster, has filed for protection with Bankruptcy Court in recent years, and Hooters of America could be on the list. The company is considering filing for bankruptcy as a way to restructure its restaurant chain and tackle debt, sources recently told Bloomberg.
The industry had hoped that consumer spending at restaurants would return to pre-pandemic levels once things returned to normal. but, Quick Service Sector As inflation consumers continued to eat at home more frequently, they began to face slower traffic over consecutive quarters.
Hooters of America is reportedly considering filing for bankruptcy as a way to restructure its restaurant chain and tackle debt. (Michael P. Farrell / Albany Times Union Getty Images / Getty Images)
Hooter is considering the possibility of bankruptcy
According to Gielchinsky, “customers have not returned completely due to changes in habits and spending ability.”
Some companies that did not file for bankruptcy have positioned themselves better in their current environment and significantly reduced their footprint to bring transit customers back to restaurants.
Red Robin announced this week that it is also considering closing 70 locations this week as Lease attempts to turn its operations around.
A customer at a restaurant located in Ferry Building, San Francisco on May 31, 2024. (Getty Images/David Paul Morris via Getty Images/Bloomberg)
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The company plans to sell three properties in the first quarter of fiscal year 2025. The sale of these locations is expected to generate $5.8 million.
While the 2024 financial results were “far below” the company's initial expectations, CEO GJ Hart said the company has made “significant improvements to the guest experience” in order to try to bring traffic back to the restaurant.
Fast Food Chain Wendy Shutter 140 Low performance locations Until the end of 2024, we are looking to improve “restaurant footprint and overall system health.”
