San Diego — Garden Fresh Restaurants, LLC, operating as Souplantation and Sweet Tomatoes, is liquidating all assets under their Chapter 7 Bankruptcy filing. The chain, which employed thousands, was a popular place to dine with self-service food bars but was not able to survive the impact of the COVID-19 pandemic and permanently closed all 97 restaurants and three distribution centers nationwide in early May. It is to-date the largest restaurant bankruptcy and liquidation as a result of the pandemic.
The restaurants’ equipment and other contents are being auctioned online from June 10, 2020 through June 30, 2020 in locations all over the country at www.RestaurantEquipment.Bid.
The Garden Fresh bankruptcy and resulting liquidation is an important story about the challenges facing the restaurant industry as a result of the pandemic. According to the National Restaurant Association, the industry lost over $225 billion in revenue, putting over 8 million people out of work and resulting in the temporary or permanent closing of over 150,000 locations.
“The Garden Fresh bankruptcy is an early sign of the challenges to come for the restaurant industry in the wake of COVID-19,” says Neal Sherman, president of TAGeX Brands (which operates the RestaurantEquipment.Bid site), an expert in restaurant closures, equipment management and liquidation. “In conducting these online auctions, our aim is to ensure that these quality items don’t end up in a landfill — but instead allows for a sustainable repurposing that not only makes economic sense but will provide a positive outcome for surviving restaurant operators who can benefit from this liquidation.”
RestaurantEquipment.Bid is a marketplace for new and used furniture, fixtures, small wares and supplies for the restaurant industry. The company, part of TAGeXBrands, began over three decades ago to relieve the headaches of restaurant closures and asset liquidation in the foodservice industry.
Garden Fresh was founded in 1978 in San Diego. The company expanded across the Southwest and Southeast with over 23 locations in Florida. At the time of the bankruptcy there were over 4,400 employees and 97 locations.
SOURCE: Garden Fresh Restaurants, LLC