Too good to be True. <\/p>\n
Celeb-backed clean eating restaurant True Food Kitchen announced this week that they are filing for Chapter 11 bankruptcy \u2014\u00a0citing $42 million in debt.<\/p>\n
The staple of tony Southern California shopping malls and downtowns abruptly shrank its local footprint \u2014\u00a0suddenly shuttering stores in Century City, El Segundo and San Diego. <\/p>\n
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Healthy eating restaurant chain True Food Kitchen has filed for Chapter 11 bankruptcy, citing $42 million in debt. Facebook\/True Food Kitchen<\/p>\n
Other locations in Miami; Chicago; New Orleans; Bethesda, Maryland; Edison and Hackensack, New Jersey; Garden City, New York; Columbus, Ohio; and Reston, Virginia are gone as well, a spokesperson confirmed to the California Post.<\/p>\n
Sunday, October 4 marked the last day of operation for those locations. <\/p>\n
\u201cTrue Food Kitchen is a pioneering brand with a distinctive position in wellness-driven dining, a loyal community of guests, and a mission that is more relevant than ever,\u201d said\u00a0Jeff Chandler, Chief Executive Officer of True Food Kitchen, in a written statement released on Monday.<\/p>\n
The chain closed 12 restaurants, including three in California, this week. True Food Kitchen<\/p>\n
\u201cThis process is the best path forward to simplify the business and focus on what we do best: delivering craveable, health-forward food and genuine hospitality. We are confident this step will help us build a stronger True Food Kitchen for the future.\u201d<\/p>\n
The trendy chain was founded in Arizona in 2008 and has been backed by Oprah Winfrey, who invested an undisclosed amount into the business in 2018.<\/p>\n
Oprah invested an undisclosed amount into the business back in 2018. Facebook\/True Food Kitchen<\/p>\n
True Food Kitchen told FOX Business that Winfrey remains a minority investor in the business \u2014\u00a0but does not have a representative on the company\u2019s board, nor is she involved in True Food Kitchen\u2019s management.<\/p>\n
Just four years ago, the business raised $100 million from health-conscious investors including MannaTree Partners and Human Co., which is backed by Nick Jonas and wife Piryanka Chopra. <\/p>\n
True Food Kitchen is now seeking a buyer \u201cwith the resources and mission alignment to support the brand\u2019s future.\u201d <\/p>\n
The chain is now looking for a buyer. Google Maps<\/p>\n
They\u2019ve also secured $20 million in debtor-in-possession (DIP) financing from HumanCo TFK IV to help the company remain liquid through the bankruptcy and sale process. <\/p>\n
In court filings, the company cited multiple \u201coperational challenges\u201d as a cause for its financial difficulty, including significant management turnover, which resulted in frequent changes to expansion strategy, brand direction, and menu items. <\/p>\n
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Too good to be True. Celeb-backed clean eating restaurant True Food Kitchen announced this week that they are filing for Chapter 11 bankruptcy \u2014\u00a0citing $42 million in debt. The staple of tony Southern California shopping malls and downtowns abruptly shrank its local footprint \u2014\u00a0suddenly shuttering stores in Century City, El Segundo and San Diego. Sign<\/p>\n","protected":false},"author":2,"featured_media":45043,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[128,93,58,430,94,290,291,35443,35367,68,431],"class_list":["post-45042","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-bankruptcy","tag-business","tag-california","tag-chain-restaurants","tag-los-angeles","tag-new-york","tag-new-york-restaurants","tag-oprah","tag-oprah-winfrey","tag-restaurants","tag-store-closings"],"share_on_mastodon":{"url":"https:\/\/vive.im\/@dc\/117395572873958139","error":""},"_links":{"self":[{"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/posts\/45042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/comments?post=45042"}],"version-history":[{"count":0,"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/posts\/45042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/media\/45043"}],"wp:attachment":[{"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/media?parent=45042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/categories?post=45042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.diningandcooking.com\/us\/wp-json\/wp\/v2\/tags?post=45042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}