Deals
Lesser-Known Restaurants File Bankruptcy as Competition Heats Up
- Bar Louie, ABRH Bankruptcies filed in Delaware on Monday
- Restaurants also blame declining foot traffic in the U.S.
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Restaurant chains including McDonald’s, Olive Garden and Popeyes are battling to get customers through the door as more Americans choose to eat at home. Meanwhile, a growing number of lesser-known brands that can’t attract new diners are facing bankruptcy and restructuring.
American Blue Ribbon Holdings LLC, the owner of Village Inn and Bakers Square, and Bar Louie Restaurants, a chain of gastropubs, both filed for bankruptcy on Monday. Each cited declining foot traffic in the U.S. as reason for the need to seek Chapter 11 protection.