Fayetteville, Ark. — Slim Chickens is closing out 2020 with a bang: the brand has inked multi-unit franchise agreements for 150 units this year. In what was a precarious 12 months for the restaurant sector, Slim Chickens signed multi-unit agreements that will bring the brand into new markets across the country. Some of the more notable deals include agreements for 12 units in Georgia, 23 units in Tampa, 10 units in New Mexico and 22 units in North Carolina. “This year has been a whirlwind. We kicked things off in …
COVID-19
Denver — Punch Bowl Social has filed for voluntary Chapter 11 bankruptcy through the U.S. Bankruptcy Court for the District of Delaware. The Denver-based “eatertainment” concept has closed all but three of its locations due to the COVID-19 pandemic. The venues in Austin, Texas; Arlington, Virginia; and Atlanta remain open. In summer 2019, Cracker Barrel invested $140 million in Punch Bowl Social. According to multiple media reports, the restaurant chain chose during the pandemic to not invest any further in Punch Bowl Social, instead focusing on its own business. …
Westlake Village, Calif. — Just over 3 weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village, Calif.-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing on December 17, 2020, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according …
Houston — Francesca’s, the Houston-based apparel and accessories chain for women, has filed for Chapter 11 bankruptcy and will close an additional 97 stores across the country, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware. Francesca’s had previously announced in mid-November that it would be closing 140 stores, or roughly 20% of its total count, and possibly pursuing a Chapter 11 bankruptcy declaration. According to CNBC, Francesca’s has received a buyout offer from Los Angeles-based TerraMar Capital and hopes to close a sale by …
— By Patrick Scheb — Keeping customers safe and happy: It all starts with a clean restroom. Does anyone know a restaurant that is following social distancing?” “Are there retailers that are taking safety precautions seriously?” “Which businesses are offering outdoor experiences?” Social media conversations like the ones on Facebook above are a telling sign of how customer actions and decision-making are drastically different in 2020. We know that customers’ motivations and challenges changed in the past 5 months and retailers and business owners need to tackle …
— By Frederic Perreault — Hand hygiene is a two-part process. While COVID-19 has brought the importance of hand washing to the forefront of discussions about how to stop the spread of germs and bacteria, a critical element of the hand hygiene process is not being discussed. As the global society works to eradicate the COVID-19 virus and toward a future beyond this current pandemic, it is crucial that we understand how proper hand hygiene prevents the spread of bacteria, viruses and other infections. Scrubbing your hands with …
Los Angeles — California Pizza Kitchen (CPK) has successfully completed its financial restructuring process and emerged from Chapter 11. CPK completed a debt-for-equity transaction and now has a substantially reduced debt load and increased liquidity. Upon emergence, the company eliminated more than $220 million of existing funded debt from its capital structure. The company had filed for bankruptcy in July 2020 with plans to close 200 stores. CPK completed its restructuring with the full support of its creditors and previous equity holders. Looking ahead, the company is focused on expanding …
— By Julie Fields — With cooler temperatures on the horizon, restaurants will be forced to find indoor dining solutions. Restaurants have been through the wringer since the Coronavirus pandemic reached the United States earlier this year. We have seen new trends that we never would have imagined, such as an increase in takeout from traditional dine-in restaurants. Many restaurants have also seen a huge surge in outdoor dining, as many customers feel safer sitting in the open air. However, as winter approaches and temperatures begin to drop, outdoor …
Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint
by Katie Lee
Westlake Village, Calif. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio. In court filings, Guitar Center cited its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic, according to The …
— Interview with Patricia Perry, Vice President, Franchise Development, Edible — Edible was ready when the pandemic hit. When the pandemic hit, Edible was ready. It already had a dedicated delivery model, made possible by a robust fleet of refrigerated trucks; it had multiple omnichannel platforms customers could use to interact with the brand; its fruit arrangements and chocolate treats offered a way to say “we’re thinking of you” to friends or relatives you could not visit in person. Also working in Edible’s favor? A talented support team and …