Latest news with #BrioItalianGrille
Newsweek
25 minutes ago
- Business
- Newsweek
Fourth US Italian Restaurant Chain Files for Bankruptcy This Year
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Another Italian restaurant chain has filed for bankruptcy this week and will be shuttering underperforming locations as a result, becoming the latest victim to the challenges facing the U.S. dining sector. Bravo Brio Restaurants, owner of the upscale Italian chains Bravo! Italian Kitchen and Brio Italian Grille, filed for Chapter 11 protections. The company said this was the result of weak demand and rising costs which it described as "insurmountable" pressures on the industry. Newsweek contacted Bravo Brio's parent company, Earl Enterprises, via email for comment outside of regular hours on Thursday. Why It Matters Bravo Brio's decision follows several other well-known Italian restaurant chains filing for bankruptcy this year. Beyond the individual company challenges and job losses these could entail, this wave serves as yet another indication of financial pressures within the U.S. food industry. These have been seen across upscale, fast-casual and fast food establishments, who are grappling with weakened consumer confidence and a resulting drop in spending. What To Know In a statement sent to Restaurant Dive, the company cited macroeconomic headwinds, including declining demand and rising competition, as the reasons behind its decision to seek Chapter 11 protections. Bravo Brio previously filed for bankruptcy in 2020, exiting the process months later after being acquired by Earl Enterprises. In its Monday filing, the company said it had between 200 and 999 creditors, as well as assets and liabilities both estimated to be in the $50 million to $100 million range. A Brio Italian Grille restaurant at City Creek Center in Salt Lake City, Utah, USA, on May 11, 2023. A Brio Italian Grille restaurant at City Creek Center in Salt Lake City, Utah, USA, on May 11, 2023. Getty Images Bravo Brio is only the latest Italian dining chain to seek bankruptcy protections amid mounting financial difficulties in the restaurant sector. People First Pizza filed for bankruptcy in March, followed by Bertucci's in April and Red Door Pizza last month. At least one of the chains, Bertucci's, has already begun closing restaurants following this move, according to CBS News. Bravo Brio, quoted in Nation's Restaurant News, said that the Chapter 11 process would provide an opportunity to restructure the business for "a sustainable and successful future, including closing underperforming locations, restructuring debt, and streamlining and reducing operational expenses." What People Are Saying Bravo Brio Restaurants, in a statement shared with Restaurant Dive, said that the pressures facing the food industry "have proved insurmountable to numerous other legacy, casual dining restaurant brands, many of whom have also turned to bankruptcy as a tool for restructuring." A Bertucci's bankruptcy court filing, as quoted by Fox Business, read: "With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci's] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline." Bertucci's added that the filing would allow it to "determine the best path forward and formulate an overall reorganizational plan." What Happens Next? Following its filing, according to Restaurant Dive, Bravo Brio plans to seek new investors and aims to emerge from the Chapter 11 process on a stronger financial footing.
Economic Times
10 hours ago
- Business
- Economic Times
Brio Italian Grille closes Crabtree Valley Mall location in Raleigh after 15 years
Brio Italian Grille has permanently closed its restaurant at Crabtree Valley Mall in Raleigh after 15 years of operation. The closure was confirmed by multiple news outlets and Yelp listings. With the Raleigh closure, Brio now operates only one North Carolina location, at Harrah's Cherokee Casino Resort Tired of too many ads? Remove Ads National closures affect Brio Italian Grille locations Only one North Carolina Brio Italian Grille remains Brio Italian Grille opened in Raleigh in 2009 Brio Italian Grille has permanently closed its Crabtree Valley Mall restaurant in Raleigh after more than 15 years in business, according to reports from The News & Observer and Yahoo News. Yelp also lists the location as 'Permanently Closed.'The Raleigh closure is part of a broader contraction of the Brio Italian Grille brand. Over the past several years, the company has shuttered multiple locations across the country, many of which were situated in major shopping malls. Brio, which began expanding nationally in the early 2000s, was once a familiar presence in large suburban retail centers but has faced challenges maintaining that footprint. Industry reporting notes that dining patterns have shifted in recent years, with many traditional mall restaurants seeing declines in read: Over 30 Hooters restaurants suddenly closed: Here's the list and everything else we know about the shutdow With the closure of the Raleigh restaurant, Brio Italian Grille now maintains only one location in North Carolina, inside Harrah's Cherokee Casino Resort, according to the company's official directory. That location continues to operate under the brand, which is part of Orlando-based Earl Crabtree Valley Mall restaurant opened in 2009 and operated for more than a decade as part of Brio's national chain of upscale Italian dining venues, comparable to concepts such as Macaroni Grill and Maggiano's. At its peak, Brio Italian Grille had dozens of locations across the United States, but the brand has steadily reduced its presence.
Time of India
11 hours ago
- Business
- Time of India
Brio Italian Grille closes Crabtree Valley Mall location in Raleigh after 15 years
Brio Italian Grille has permanently closed its Crabtree Valley Mall restaurant in Raleigh after more than 15 years in business, according to reports from The News & Observer and Yahoo News . Yelp also lists the location as 'Permanently Closed.' National closures affect Brio Italian Grille locations The Raleigh closure is part of a broader contraction of the Brio Italian Grille brand. Over the past several years, the company has shuttered multiple locations across the country, many of which were situated in major shopping malls. Brio, which began expanding nationally in the early 2000s, was once a familiar presence in large suburban retail centers but has faced challenges maintaining that footprint. Industry reporting notes that dining patterns have shifted in recent years, with many traditional mall restaurants seeing declines in traffic. Also read: Over 30 Hooters restaurants suddenly closed: Here's the list and everything else we know about the shutdow Only one North Carolina Brio Italian Grille remains With the closure of the Raleigh restaurant, Brio Italian Grille now maintains only one location in North Carolina, inside Harrah's Cherokee Casino Resort, according to the company's official directory. That location continues to operate under the brand, which is part of Orlando-based Earl Enterprises. Brio Italian Grille opened in Raleigh in 2009 The Crabtree Valley Mall restaurant opened in 2009 and operated for more than a decade as part of Brio's national chain of upscale Italian dining venues, comparable to concepts such as Macaroni Grill and Maggiano's. At its peak, Brio Italian Grille had dozens of locations across the United States, but the brand has steadily reduced its presence.
Yahoo
a day ago
- Business
- Yahoo
Longtime staple of Raleigh mall dining closes abruptly after 15 years
A dining staple of the Crabtree Valley Mall closed apruptly this week after more than 15 years in business. The Raleigh location of Brio Italian Grille is now closed, according to the brand's website and a recorded message on its phone line, when The News & Observer attempted to contact the restaurant. Like the Raleigh location, many of the country's Brio locations were in major shopping malls, but in the last few years the brand has seen a national shrinking, permanently closing several locations. Brio Raleigh closed The restaurant appears to have quietly closed this week, with one customer posting on Facebook that they had received a surprising call that their weekend reservation would be canceled. With the closing of Raleigh's Brio, the brand has only one location left in North Carolina, located in the Harrah's Casino Resort in Cherokee. Brio first opened in Raleigh in 2009 and operated in the mold of other popular upscale Italian chains like Macaroni Grill and Maggiano's. An iconic NY bagel brand picks Chapel Hill for its first NC location See the $7,600+, record-breaking Bloody Mary served at this NC bar Solve the daily Crossword
Yahoo
a day ago
- Business
- Yahoo
Longtime staple of Raleigh mall dining closes abruptly after 15 years
A dining staple of the Crabtree Valley Mall closed apruptly this week after more than 15 years in business. The Raleigh location of Brio Italian Grille is now closed, according to the brand's website and a recorded message on its phone line, when The News & Observer attempted to contact the restaurant. Like the Raleigh location, many of the country's Brio locations were in major shopping malls, but in the last few years the brand has seen a national shrinking, permanently closing several locations. Brio Raleigh closed The restaurant appears to have quietly closed this week, with one customer posting on Facebook that they had received a surprising call that their weekend reservation would be canceled. With the closing of Raleigh's Brio, the brand has only one location left in North Carolina, located in the Harrah's Casino Resort in Cherokee. Brio first opened in Raleigh in 2009 and operated in the mold of other popular upscale Italian chains like Macaroni Grill and Maggiano's. An iconic NY bagel brand picks Chapel Hill for its first NC location See the $7,600+, record-breaking Bloody Mary served at this NC bar Solve the daily Crossword
