Bravo Brio Restaurants, the two restaurants’ parent company, has filed for bankruptcy.Getty Images
Troubling news for fans of Bravo! Italian Kitchen and Brio Italian Grille.
Bravo Brio Restaurants, the parent company of the two restaurants, has filed for Chapter 11 bankruptcy protection and is seeking new investors, Newsweek reported.
The decision is the result of “macroeconomic forces beyond the company’s control,” according to a statement shared with the outlet.
“In recent years, the casual dining restaurant sector has faced declining consumer demand and increased competition, principally from fast-casual restaurant alternatives,” the statement adds. “In addition, ongoing inflationary pressure, rising food and labor costs, and a softening in discretionary consumer spending have contributed to underperformance, especially in shopping centers with high vacancies and declining foot traffic.”
With “minimal disruption to operations,” the filing will allow the company to reorganize by “closing underperforming locations, restructuring debt, and streamlining and reducing operational expenses,” the statement says.
However, a company spokesperson told TODAY.com that there are no plans to close any locations at this time.
Brio Italian Grille currently operates 25 restaurants in the United States (one of which is in Farmington, Conn.), while Bravo! Italian Kitchen operates 23.
The news continues a trend among Italian chain restaurants in the United States this year. People First Pizza, Bertucci’s and Red Door Pizza have also recently filed for Chapter 11 bankruptcy protection, Newsweek reported.
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Dining and Cooking