Another Italian restaurant chain has filed for bankruptcy and plans to close underperforming locations.
Bravo Brio Restaurants, parent company of Bravo Italian Kitchen and Brio Italian Grille, filed for Chapter 11 bankruptcy protections on Monday, according to Restaurant Dive, an industry site.
It marks the second time the company has filed for bankruptcy. It filed in 2020, and was then bought by Earl Enterprises.
Restaurant Dive reports Bravo Brio blamed declining consumer demand and increased competition from fast casual restaurants for its decision.
The company, which operates about 50 restaurants between the two brands, said the bankruptcy will help it attract interested investors, improve its financial position, close underperforming restaurants, restructure debt, and reduce operational expenses
It’s not clear how many locations will close.
In a statement to Newsweek the company expressed optimism about emerging from bankruptcy on better footing.
“The bankruptcy process is generally expected to be seamless for Bravo! and Brio’s guests, employees and vendors, and result in minimal disruption to operations,” the company said.
Bravo Brio’s bankruptcy filing follows similar moves by other Italian restaurant chains this year, including People First Pizza, Bertucci’s, and Bar Louie.
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Dining and Cooking