Vegan restaurant chain files for bankruptcy
Known for its upscale vegan cuisine, Planta was founded by CEO Steven Salm and chef David Lee in Toronto, Canada, in 2016. Planta expanded quickly, and its Florida restaurants became celebrity hotspots over the years. Part of the fame came after Pharrell Williams posted an Instagram video of him eating at its Miami Beach location in 2018.
The company lists 18 locations on its website, in Florida, Atlanta, New York, Los Angeles, Chicago and Toronto, Restaurant Business reported. Planta's sales skyrocketed year after year, and finished 2024 with $46 million in revenue. But the lingering impact of the pandemic, consumer slowdown and rising prices meant the hotspot fell behind on lease payments, ultimately resulting in its bankruptcy filing.
Planta was forced to close restaurants and increase costs after beginning to rely heavily on third-party delivery, Restaurant Business reported. The company was not able to bounce back, leading to rising food and menu prices between 2023 and 2024, which hurt the chain and drained profits. These factors and more are what CEO Steven Salm revealed were reasons behind Planta's 'irrecoverable damage.'
Planta has not secured debt, but it has received funds through a convertible note from Anchorage Capital Group, which means that debt could be converted to equity if unpaid by a certain date. The chain has not yet announced plans to close any of its restaurants. The company's initial success came amid a surge of interest in plant-based diets and meat alternatives.
That trend has struggled more recently, however. Researchers have found that plant-based meat products offer no 'clear benefit' for heart health . Kevin Hart tried his hand at operating a vegan burger chain called Hart's House, which debuted in 2022.
But the comedian's restaurant venture was a bust, and all four locations were closed by 2024, much to the happiness of several diners. Another health-conscious eatery that bit the dust was EVOS burger chain, which closed its last restaurant in April. But places specializing in plant-based offerings aren't the only restaurants that have become sinking ships this year.
Hooters filed for bankruptcy in March, and Bar Louie abruptly closed restaurants before filing for the second time in five years. Other chains in trouble this year include On The Border Mexican Grill & Cantina, the family-favorite restaurant Bertucci's.
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