The ‘Bar Rescue’ host Jon Taffer weighs in restaurants that represent bankruptcy and his performance renovating for his tenth season.
At the Mexican border Grill & Cantina were presented for bankruptcy protection this week as he tried to compete in the macroeconomic environment.
The Tex-Mex chain, owned by Argonne Capital Group, presented for Chapter 11 Bankruptcy Protection in the United States bankruptcy court for the northern district of George earlier this week after reporting to close 40 seats. According to the presentation of its bankruptcy, the company operates 80 countries in the US and international.
Like its rivals, the company said it has seen a decline in traffic in recent years, tried to keep workers and face increased costs while minimum wages increased, according to the Associated Press.
Fox Business arrived at Argonne Capital Group for comment.
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The most recent in a Increasing number of main restaurant chains who have filed for protection to the bankruptcy court after fighting to manage the heavy debt they raised during the Covid-19 pandemic. Neither will be the last, according to bankruptcy lawyer Daniel Gieelchinsky, who predicted that there are likely to have more restaurants that represent protection over the coming years.
In Mexican grill of borders at dusk. (Jeffrey Greenberg / Universal Images Group through Getty Images / Getty Images)
TGI Friday’s, Denny’s, Ruby Tuesday, Rubio’s coastal grill and Lobster Red have filed for protection at the bankruptcy court in recent years, with Hooters of America potentially joining the list. The company is reviewing bankruptcy as a tool to restructure the restaurant chain and handle its debt, sources recently told Bloomberg.
The industry expected consumer spending in restaurants to return to pre-landmark levels after things were back to normal. But fasting service It began to cope with the slowdown of traffic in the back-back neighborhoods as customers carefully inflation continued to eat more often at home.
The Hooters of America is reportedly considering the presentation of bankruptcy as a means of restructuring the restaurant chain and dealing with its debt. (Michael P. Farrell / Albany Times Union through Getty Images / Getty Images)
Hooters seeing the possible bankruptcy appearance
“Customers never returned to full strength” because of the changes in their habits and the ability of expenses, which meant high -line revenue never withdrawn and debt restaurants were unable to pay those loans, according to Gieelchinsky.
Some companies that did not present bankruptcy significantly reduced their trail to better position in the current environment and bring traffic customers back to their restaurants.
Red Robin recently announced this week that she is also considering the closure of 70 countries after their rent expires while trying to return its operations.
Customers at a restaurant at the ferry building in San Francisco on May 31, 2024. (David Paul Morris / Bloomberg through Getty Images / Getty Images)
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The company plans to sell three properties during the first quarter of 2025 fiscal. The sale of those countries is expected to generate $ 5.8 million, which the company predicts will be partially used to repay its debt.
While the financial results for the original expectations of the company 2024 “Ra very below”, CEO GJ Horn said the company has made “significant improvements in guest experience” to try and run traffic in its restaurants.
Wendy fast food chain closed 140 Subordinator Places At the end of 2024 while it seems to improve its “restaurant trail and overall system health”.