Latest news with #Planta
Toronto Star
18-07-2025
- Entertainment
- Toronto Star
Faux? Sure! This Toronto company makes plant-based proteins that look, cook and taste (almost) like the real thing
Toronto is a pretty good place to be a vegan. There's excellent plant-based restaurants (Gia, Planta, Avelo), bakeries (Bad Attitude) and delis (Aunty Em's). Honey's, arguably the most delicious dairy-free ice cream ever scooped, is made here, and the city's even the birthplace of Vegandale, North America's largest vegan festival.
Yahoo
25-05-2025
- Business
- Yahoo
Beloved Restaurant Chain Planta Closes First Location
Whenever a local restaurant files for bankruptcy, it always brings some sorrow, because nobody wants their business to end in bankruptcy. But, sometimes the only way to move forward is to cut one's losses and move on. Restaurants filing for bankruptcy have become very common the past few years, and that trend is continuing with one beloved restaurant chain. A chain of vegan restaurants filed for Chapter 11 bankruptcy protection in the District of Delaware earlier this month, and now, that chain has closed its first location. Planta, founded in 2016, is a plant-based restaurant chain. The company has locations across the United States and in Canada, including restaurants in New York, California, Florida, Georgia, Illinois, Washington, D.C. and Toronto. Now, Planta has closed the first of its locations following filing for bankruptcy. The restaurant's location in West Palm Beach, FL, at CityPlace officially shut its doors on May 20. Assistant manager Jessie Gregory, who worked at the West Palm Beach location for more than two years, told the Palm Beach Post that workers were informed on May 20 that they were closing and that it would be their final shift. Gregory also told the publication that "they had received no warning and despite the bankruptcy filing reported May 12, the buzz at the CityPlace restaurant was that they'd be 'staying open.'" Gregory says the restaurant employed around 30 people and that a few workers were offered the chance to transfer to the Fort Lauderdale, FL, location, although the company didn't make it clear how much work the employees could get at that location. Gregory also said that working at a vegan restaurant meant a lot to her, because she is vegan, so the restaurant's mission was congruent with Gregory's lifestyle. "I put a lot of energy into being a good employee and helped them whenever they needed it," she told the Palm Beach Restaurant Chain Planta Closes First Location first appeared on Men's Journal on May 24, 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
24-05-2025
- Business
- Miami Herald
Bankrupt restaurant chain starts shuttering locations
Bankruptcies and store closings seem to be all over the news this year - a trend that was happening even before President Donald Trump announced his tariffs plan on April 2. The looming impact of tariffs has spooked many businesses. Unfortunately, their fears are rational. With the pressure of new levies on both large and small businesses, it's almost certain that we will see many forced to either downsize or throw in the towel this year. Don't miss the move: Subscribe to TheStreet's free daily newsletter While some stores are such staples that it's hard to imagine them closing, for some it's happening anyway. Joann, a fabric and craft store that customers have loved since its opening in 1943, was forced to declare Chapter 11 bankruptcy twice in the last year and is in the process of closing all its stores, a process that should be completed by May 31, 2025. Related: Beloved retailer in Chapter 11 bankruptcy angers customers Another company that declared Chapter 11 this year is 23&Me, which announced the news in mid-March. The DNA company once had a valuation of $6 billion, which is a far cry from the $256m Regeneron Pharmaceuticals paid for it earlier this week. While a Chapter 11 bankruptcy doesn't always mean the end for a company, it does mean it needs a way to restructure its debt. In some cases the companies sells its assets to do this, as 23&Me did. In others, the best way to handle it is to simply close all the locations if the company is a chain. And that's exactly what one casual restaurant is doing now, after declaring Chapter 11 bankruptcy in May. Image source: Ebener/picture alliance via Getty Images National vegan restaurant chain Planta has closed the first of its locations only a few weeks after filing for Chapter 11 bankruptcy. The first location to close is the West Palm Beach location at CityPlace, which officially shuttered on May 20. "Assistant manager Jessie Gregory, who had worked at the West Palm Beach location for over two years, said they were informed on Tuesday, May 20 that they were closing and that it would be her and her coworkers' final shift," per a report in The Palm Beach Post. "Gregory said they had received no warning and despite the bankruptcy filing reported May 12, the buzz at the CityPlace restaurant was that they'd be 'staying open,' she said." Planta has also closed its South Beach location and the Williamsburg location in Brooklyn, New York, according to the website. Related: Historic college suffers complete financial collapse after bankruptcy The plant-based chain previously operated in 18 locations in seven states, including Florida, Chicago, Atlanta, Washington, D.C., Maryland, Los Angeles, and Toronto. Planta has not announced what will happen to the locations that are still operating. Planta, which is owned by Miami Beach-based CHG US Holdings, cited its reason for the bankruptcy as "inflationary pressures on input costs and consumer pullback as driving factors behind its bankruptcy," according to a court filing. "The debtor's largest unsecured creditors include landlord 8461 Melrose Avenue, owed over $613,000; law firm Saul Ewing Arstein & Lehr LLP, owed over $316,000; landlord 13 W 27 Leasehold LLC, owed over $203,000; landlord Friedman Properties, owed over $180,000; and Baldor Specialty Foods, owed over $176,000," reports TheStreet's Kirk O'Neil. Related: Home Depot local rival closing permanently after 120 years The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
19-05-2025
- Business
- Yahoo
Restaurant Chain Planta Files for Bankruptcy
When a favorite restaurant files for bankruptcy, it's always a sad thing, especially if that restaurant has roots in the community. Even if that restaurant is a national chain, it can hurt, because chain restaurants employ locals, so there's still that community feeling. Now, a growing chain of vegan restaurants has filed for Chapter 11 bankruptcy protection in the District of Delaware. Planta is a plant-based restaurant chain, which was founded in 2016. Planta has locations across the United States and in Canada, including locations in Florida, Georgia, New York, Illinois, California, Washington, D.C. and Toronto. Planta is headed up by founder and chief executive officer Steven Salm and co-founder and executive chef David Lee. They created Planta to "expand the accessibility and acceptability of plant based dining; dining as it should be — an unguilty pleasure," Planta's website states. "Creating a premier hospitality collective of 100% plant-based restaurants, Planta reimagines, reinvents, and revitalizes, providing flavorful proof that the power of plants can change the world." In following Planta's plant-based mission, the company explains, "We believe in the power of plants to change the world. For our health, for the health of our communities, and for the health of our planet — plants are the key." They add, "In everything we do, we seek to understand, experiment with, and maximize the power of plants to nourish, inspire, and sustain." But, now, Planta is filing for Chapter 11 bankruptcy. In its petition, Planta listed $50,000 to $100,000 in assets and $10 million to $50 million in liabilities, according to Bloomberg Law News. "The bankruptcy petition indicates that funds will be available for distribution to unsecured creditors following the bankruptcy," Bloomberg Law News adds. Planta isn't alone. "More than 30 restaurant operators have filed for bankruptcy since the beginning of last year amid weakening sales and high costs," according to Restaurant in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
15-05-2025
- Business
- Daily Mail
Vegan restaurant chain files for bankruptcy
Planta has become the latest restaurant chain to file for Chapter 11 bankruptcy protection. The restaurant, which has served celebrities like Bella Hadid and Hailey Bieber, declared bankruptcy this week. Planta listed between $10 and $50 million in liabilities compared with $50,000 and $100,000 in assets. 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. Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
