Mall staple Claire’s to close numerous stores, files for bankruptcy
Claire’s is seeking “strategic alternatives” through Chapter 11 bankruptcy and is planning to close 18 U.S. stores as it navigates economic pressures.
Bravo Brio Restaurant Corp., parent company of Brio Italian Grille and Bravo! Italian Kitchen, filed for Chapter 11 bankruptcy on August 18th.This is the second time the company has filed for bankruptcy since 2020.The company has between $50 and $100 million in liabilities, including $1.9 million owed to food distributor Sysco.The future of the Louisville Bravo! Italian Kitchen location is uncertain.
The parent company behind a popular Italian restaurant chain with ties to Louisville is filing for bankruptcy.
Bravo Brio Restaurants, which owns Brio Italian Grille and Bravo! Italian Kitchen, a set of upscale Italian restaurant chains, filed for Chapter 11 bankruptcy on Aug. 18.
The Louisville area has a Bravo! Italian Kitchen located at 206 Bullitt Lane near St. Matthews. A spokesperson at the location said the restaurant is still open for business as of Friday, Aug. 22.
Court filings show that the Orlando-based company owes approximately $1.9 million to the restaurant food distributor Sysco and has liabilities of between $50 and $100 million. This marks the second time the company has filed for bankruptcy since 2020 and it remains unclear which restaurant locations will shutter.
Here’s what we know.
Is Bravo Brio Restaurants filing for bankruptcy?
Yes. Bravo Brio Restaurants, the parent company of Brio Italian Grille and Bravo! Italian Kitchen, filed for Chapter 11 bankruptcy on Aug. 18.
There is currently one Bravo! Italian Kitchen location in the Louisville area near St. Matthews.
What is bankruptcy?
Bankruptcy is a legal process for people or businesses with outstanding debt to eliminate part, or all, of the debt, and establish a repayment plan.
According to the United States Courts, all bankruptcy cases are handled in federal courts, and filing for bankruptcy “helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.”
What is Chapter 11 bankruptcy?
According to the United States Courts, Chapter 11 bankruptcy is frequently referred to as a “reorganization” bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.”
Reach Marina Johnson at Marina.Johnson@courier-journal.com.
Dining and Cooking