John Tafar, hosting ‘Bar Rescue’, weighs a restaurant filing for bankruptcy and his show has been renewed for its tenth season.
Mexican grill and cantina on the border filed for bankruptcy This week as protection this week struggled to compete in the macroeconomic environment.
The Tex-MX Chen, owned by Argon Capital Group, filed chapter 11 in the United States of Insolvency Court for the northern district of Georgia earlier this week, for the preservation of bankruptcy, which was allegedly after shuttering 40 places allegedly earlier this week. According to its bankruptcy filing, the company operates 80 places at the US and internationally.
Like its rivals, the company said that it had seen a decline in traffic in recent years, struggled to maintain workers and faced rising costs because according to the Associated Press, the minimum wage increased.
Fox reached the Argon Capital Group for business comments.
The red lobster is back; CEO Plots Future for Seafood Chen
It is the latest in one Increasing number of major restaurant chains The bankruptcy has been filed for security in the court after struggling to manage the heavy loan deposited during the Kovid -19 epidemic. According to bankruptcy lawyer Daniel Gilchinski, it would not be final, who estimated that more restaurants would be filed for security in the coming years.
Evening on Mexican Grill in the evening. (Jeffrey Greenburg / Universal Image Group Getty Image / Getty Image)
TGI Friday, Denny, Ruby Tuesday, Rubio’s coastal grille and Red Lobster have filed for security in recent years in the bankrupt court, in which the US hooters are potentially joining the list. The company is considering filing for bankruptcy, which is a means of restructuring the restaurant chain and the means of dealing with its debt, the formulas recently reported to Bloomberg.
The industry hoped that things would come back once after returning to consumer expenses in restaurants to pre-political levels. But Accelerated service sector Started slowing down the traffic in the back-to-back quarters as inflation-serious consumers continued to eat more often at home.
The US’s hooters are considering allegedly filing for bankruptcy, which is as a means of restructuring the restaurant chain and dealing with its debt. (Michael P. Fareel / Albani Times Union through Getty Image / Getty Image)
Hooter who files possible bankruptcy
According to Gielchinsky, “Customers never returned with full force”, which meant that top-line revenue was never reversed and debt-affected restaurants were unable to repay those loans.
Some companies did not file for bankruptcy, they reduced their footprints in a better position in the current environment and bring traffic customers back to their restaurants.
Red Robin recently announced as this week that he is also considering closing 70 places when his lease is finished as it attempts to change its operation.
Customer at a restaurant at Ferry Building in San Francisco on 31 May 2024. (David Paul Morris / Bloomberg Getty Image / Getty Image)
Get Fox Business when you click here
The company plans to sell three properties during the first quarter of FY 2025. The sale of places is expected to generate $ 5.8 million, which the company estimates that it will be used to repay its debt.
While the financial results for FY 2024 “fell below the basic expectations of the company”, CEO GJ Heart said the company has made “sufficient improvement in guest experience” to bring back traffic to its restaurant.
Fast-food chain Wendy closed 140 underperforming location Through the end of 2024 because it improves its “restaurant footprint and overall system health”.
