Oh No! Well-Known Restaurant Chain In New Jersey Declares Bankruptcy
In recent weeks, the closure of several locations in New Jersey, specifically in Bridgewater, Cherry Hill, North Brunswick, Piscataway, and Watchung, has made it less surprising that this well-known restaurant chain has filed for Chapter 11 bankruptcy protection.
However, this is a place that's been around for a long time in New Jersey so the thought of it being gone for good is very upsetting.
Read More: Open Since 1939 This Popular New Jersey Bakery Is Set To Close
Several other locations have closed throughout New Jersey within the past year or so and according to a recent statement, the restaurant chain says they never really recovered after the pandemic.
The primary driver of our financial challenges resulted from COVID-19 and our capital structure. This restructuring will allow our goforward restaurants to proceed with an optimized corporate infrastructure that enables them to reach their full potential.
Two other restaurant chains that have filed for bankruptcy recently include:
Red Lobster
Buca di Beppo
TGI Fridays Files for Bankruptcy
As reported by CNN Business, the bankruptcy affects the parent company, operating 39 restaurants, and does not involve the franchisees.
"The company has secured financing so all restaurants will operate as usual while it navigates the bankruptcy process," according to the article.
I remember when the Marlton location abruptly closed.
I used to love going there.
So what does this all mean for the other New Jersey locations?
Hopefully, they'll remain open, but only time with tell.
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