Bravo Brio Restaurants, the parent company of Bravo! Italian Kitchen and Brio Italian Grille, has filed for Chapter 11 bankruptcy protection.
According to Newsweek, the restaurant group said it filed for bankruptcy due to “insurmountable” pressures on the restaurant industry, including weak demand and rising costs of operation.
In an announcement shared with Newsweek, the company said the bankruptcy filing was “necessary to improve its financial position as it brings on a new investor.”
The Street reports Food First Global Restaurants, the restaurant chain’s first owner, filed for Chapter 11 bankruptcy protection in April 2020.
Restaurant chain closing a dozen locations
Despite a rebrand, popular restaurant chain Noodles & Company is planning to shutter over a dozen locations.
In a company press release, Noodles & Company announced it will shutter between 13 to 17 locations this year.
“We are very pleased with the strong comparable restaurant sales and traffic performance we achieved during the first quarter despite a challenging macroeconomic environment,” said company Chief Executive Officer Drew Madsen in the press release. “Our momentum is being driven by our fully reimagined new menu that launched on March 12th, supported by increased marketing investment and a new brand strategy. Since the new menu introduction, comparable sales have increased by approximately 5% through April.”
While the company has plans to shutter locations, it also reported that “same-store sales” are up 4.4%. The restaurant chain also debuted a new menu earlier this year, reports QSR Magazine.
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Dining and Cooking