What does this mean for local Gilbert, Arizona restaurant Brio?
On 5/11/2020 the Attorneys and Staff at My Arizona Lawyers write:
In April, 2020, FoodFirst Global Restaurants filed for Chapter eleven Bankruptcy protection. The company has Brio Tuscan Grille, which currently has a restaurant in San Tan Village in Gilbert, Arizona. The restaurant chain previously had an additional Brio Restaurant in the Scottsdale Quarter in Scottsdale, Arizona. Employees and fans of the restaurant are wondering as to exactly how bankruptcy will influence it.
Many Businesses filing Chapter 11. Including, FoodFirst selected a Chapter eleven Bankruptcy, instead of a Chapter seven, which enables it to keep operating. Chapter 7 bankruptcy is a liquidation of assets and, when dealing with a business, usually concludes with the business no longer being open. While, Chapter 11 allows a business to re-organize their assets and continue to be in business.
Operate Restaurants in Scottsdale and Gilbert, Arizona
Locally, FoodFirst Global has been struggling as it has already closed down it’s former location in The Scottsdale Quarter. On the heels of this bankruptcy filing, could the San Tan location be far behind. Hopefully, FoodFirst gets back on track and comes out of this Chapter 11 filing stronger than ever.
FoodFirst purchased the Bravo and Brio Italian chains in 2018 for hundred dollars million. It reported revenue of $307 million in 2019, that had been below airers4you’s expectations. The chain started closing places in late 2019 and early 2020, like the aforementioned Scottsdale area. FoodFirst has twenty restaurants whose leases end in 2020 and will need to determine if you should always keep those locations open. This is a situation that is becoming more commonplace as many businesses filing Chapter 11.
FirstFood Not the Only Company Struggling
Since FoodFirst was showing several public signs of struggle previous year, it is not very shocking that the organization filed bankruptcy. Places are hit especially hard by the pandemic, with virtually all american states having shelter-in-place orders which limit service to push through and also get away. Frank along with Lupe’s, a Mexican restaurant with locations in Ahwatukee and Scottsdale, has also filed for Chapter eleven bankruptcy protection. Sweet Tomatoes aka Souplantation is sadly filing for bankruptcy and does not intend to actually reopen due to just how tough it will be operating a buffet style restaurant with COVID 19 reopening protocols.
If perhaps you’re an entrepreneur considering bankruptcy, you are going to have to decide between Chapter seven bankruptcy and Chapter eleven. For individual filers, Chapter seven and Chapter thirteen bankruptcy can be the best chapters of bankruptcy for you to consider. Whereas, Chapter 11 bankruptcy is mainly used for businesses who need bankruptcy protection.
Debt Relief Options
In case you have considered various forms of debt relief or are wondering what chapter of bankruptcy is best for you; you should call our office for assistance. As legal services have been declared services that are essential in Arizona, we’re ideal for telephone consultations. We offer free consultations, filing bankruptcy by phone, trying Arizona Zero Down Bankruptcy Filing options, and a File from Home bankruptcy possibility. Several of our options allow you to file your case altogether remotely from home.