Dallas-based Corner Bakery information for personal bankruptcy

Dallas-based Corner Bakery information for personal bankruptcy

Countrywide cafe chain Corner Bakery has declared personal bankruptcy. The organization, which is headquartered in Dallas, sought Chapter 11 safety in the Delaware Personal bankruptcy Court Feb. 22, in accordance to Nation’s Restaurant Information.

In Oct 2020, Corner Bakery was ordered by Philadelphia restaurant company Pandya Restaurant Progress Makes, which also owns Boston Current market. At the time, there ended up 175 destinations in the Corner Bakery portfolio. The company’s web page demonstrates there are now 140 places all over 20 states.

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Frank Paci, Corner Bakery’s CEO at the time it was bought, stated the acquisition gave the business “access to assets that we have to have to proceed to function our business enterprise in this difficult setting.” He reported the company “is now perfectly-positioned to obtain future achievements through a period of unprecedented disruption for our industry.”

According to Cafe Enterprise, Corner Bakery defaulted on its loans past yr just after struggling with weakening income and declining unit volumes, which started ahead of the pandemic. The pandemic exacerbated those problems due to the fact in-business personnel made up a important part of its consumer base.

Just before it was marketed to Pandya Cafe Progress Makes, Corner Bakery was owned by private equity company Roark Funds Companions. Prior to that, the chain was portion of Dallas-based Brinker International Inc. — operator of Chili’s and Maggiano’s Minor Italy.

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