An Italian restaurant chain has declared bankruptcy for the second time in five years.
Bravo Brio Restaurants LLC and its subsidiaries have sought Chapter 11 bankruptcy protections to strengthen their financial standing, according to Nation’s Restaurant News. The Orlando, Florida-based company runs Bravo! Italian Kitchen and Brio Italian Grille.
This development occurs as numerous fast-casual dining establishments have experienced declining fortunes. Prize-winning pizza brand Bertucci’s shuttered multiple outlets after declaring bankruptcy for the third time in seven years. The chain joins a growing list of bankruptcies including TGI Fridays, Red Lobster, Bucca di Beppo, and On the Border.
The Chapter 11 procedure enables companies to restructure for “a sustainable and successful future, including closing underperforming locations, restructuring debt, and streamlining and reducing operational expenses.”
Bravo Brio informed NRN in a statement: “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.
“These pressures have proved insurmountable to numerous other legacy, casual-dining restaurant brands, many of whom have also turned to bankruptcy as a tool for restructuring.”
Bravo! Italian Kitchen, established in 1992, is known for its custom-made pasta, brick oven pizzas, and grilled chops and steaks. According to the website, there are 23 Bravo! Italian Kitchen outlets spread across the U.S.
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Brio Italian Grille, with its 25 locations nationwide, offers an upscale yet affordable dining experience featuring Italian cuisine and a family-friendly Roman ruin decor.
In 2020, Bravo Brio filed for bankruptcy and was subsequently acquired by Earl Enterprises. The latter also owns Buca di Beppo, Earl of Sandwich, and Planet Hollywood.
Dining and Cooking