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Yahoo
21-05-2025
- Business
- Yahoo
New England chain restaurant to open new Mass. location this year
A popular New England chain restaurant is slated to open its newest location later this year. Tavern in the Square is planning to open its new Braintree restaurant by late summer/early fall, a spokesperson for the company told MassLive. The restaurant will take over the former space of TGI Friday's at 60 Forbes Road in Braintree. Braintree Tavern in the Square will have a large bar and indoor dining room in addition to a spacious covered patio. 'We're excited to bring the Tavern in the Square experience to the South Shore and look forward to becoming part of the Braintree community,' the spokesperson said. The opening would mark Tavern in the Square's 14th Massachusetts spot and its 18th overall — joining other locations in New Hampshire, Connecticut and Rhode Island. The chain restaurant is also eyeing a new location in Bedford, New Hampshire, according to its website. Tavern in the Square is turning 20 in 2025. The chain restaurant is known for its scratch-made American cuisine, including an extensive selection of gluten-free and allergy-friendly options. Spice of life: This restaurant brings Sri Lankan street food to the Pioneer Valley New Raising Cane's with double drive-thru to open in MetroWest next week Snack, sip and sing at Boston's new underground piano bar Read the original article on MassLive.
Yahoo
19-05-2025
- Business
- Yahoo
5 Chain Restaurants You Grew Up With That Went Bankrupt In The Past Year
Chain restaurants come and go, some of which are fondly remembered while others are doomed to fade into obscurity. With rising costs of food and rent, corporate restructuring, and more, there are an unfortunate number of chain restaurants that you likely grew up loving that have filed for bankruptcy in the past year. Among these beloved household names are TGI Friday's, Red Lobster, Bucca di Beppo, Rubio's Coastal Grill (aka Rubio's Baja Grill), and Arby's Franchisee Miracle Restaurant Group. Despite the number of tell-tale signs that a chain restaurant is about to go bankrupt the bankruptcy announcements have left fans fraught with disappointment. One thing to keep in mind is that there are different types of bankruptcy for which a restaurant can file, which include Chapter 7, Chapter 11, and Chapter 13. Depending on the type of bankruptcy filed and what terms are negotiated, there can be varying outcomes, some of which might mean that a restaurant does not have to close permanently. Of your childhood favorites, some of these restaurants may yet be able to hang on a little longer, while others could very well be gone for good. Read more: 15 Failed Restaurant Chains We Actually Miss In October of 2024, both Columbus, Ohio and Buffalo, New York said goodbye for good to TGI Friday's as 50 locations shut down. On November 2nd, 2024, the popular chain restaurant's parent company filed for Chapter 11 bankruptcy protection, citing financial strain from the COVID-19 pandemic, and sought to sell off corporate-owned assets. This filing affected only the corporate-owned locations and not the franchisees, allowing for those locations to continue operations. Since opening its first location in 1965 in New York, TGI Friday's paved the way for other American casual dining restaurants with a consistent menu and value-priced food. Maligned in the '90s cult film Office Space for the required "flair" that waitstaff used to sport on their suspenders, the restaurant was home to happy hour appetizers and a generally low-key atmosphere. For those that still hold TGI Friday's in high regard, there's hope yet to enjoy your favorite loaded potato skins: Simply browse the website to find your nearest location to enjoy all of the delicious deals. Whether you're a fan of using its famous Cheddar Bay biscuits to upgrade a chicken pot pie or enjoying your favorite "Signature Feasts," Red Lobster has steadily become synonymous with seafood indulgence. In May of 2024, Red Lobster filed Chapter 11 bankruptcy and planned to auction its restaurant chain to the highest bidder. Thai Union Group, which owned a 25% stake in the company, cited similar concerns as TGI Friday's in its bankruptcy filing including rising costs, interest rates, and a decline in demand due to the COVID-19 pandemic. Though many tried to point a finger at Red Lobster's "Endless Shrimp" campaign as the culprit for its bankruptcy filing, there is much more to the story than meets the eye. One of the larger issues was real estate and the costs of rent across numerous locations. Adding to this were supply chain issues and frequent changes in management that dwarfed the promotional shrimp debacle in importance. Luckily, in September of 2024, Red Lobster was rescued from bankruptcy and is now run by P.F. Chang's CEO Damola Adamolekun, which is a much more positive outcome for lobster lovers who almost had to bid adieu to their most-visited seafood spot. Known for large portions, maximalist decor, and an enduring presence across the U.S. since the early 1990s, Buca di Beppo has played host to celebrations of every kind imaginable and plenty of core childhood memories. The family-style Italian chain restaurant is a beloved classic with its multiple themed dining rooms and a special seat known as The Kitchen Table, where guests can sit and watch dishes being prepared. Despite the warm memories and dishes, the restaurant filed for Chapter 11 bankruptcy in August of 2024, citing revenue issues due to the COVID-19 pandemic, a decline in customer demand, and over $1 million in debt from gift cards that customers hadn't yet redeemed. Buca di Beppo shuttered 18 of its lowest performing locations — leaving 44 remaining — and was planning to open one new restaurant at the time of its Chapter 11 filing. This move was emphasized by Buca di Beppo president Rich Saultz as strategic restructuring with the intent of positioning the chain for future success, though fans and former employees might opine otherwise. The future still remains to be seen for Buca di beppo and its smattering of remaining locations, so it may be worth seeking out your nearest restaurant for a taste of nostalgia before it's too late. A San Diego staple of seafood delights, Rubio's Coastal Grill has been a spot for quick and refreshing dishes since 1983. With a menu boasting 40 dishes inspired by the cuisine of Baja, Mexico and a number of West coast locations, the restaurant became best known for its Baja-style fish tacos. Having first filed for Chapter 11 bankruptcy in 2020 as a result of the COVID-19 pandemic, the restaurant chain was able to successfully emerge with a more successful store footprint. Sadly, due to further rising operational and food costs, the company declared bankruptcy once again in the summer of 2024 after shuttering 48 locations in California to the dismay of longtime fans. Despite these circumstances, the remaining Rubio's locations are still hanging on, albeit amounting to only 86 restaurants from what was once almost 200. Currently, only California, Nevada, and Arizona are home to operating Rubio's. As of August 2024, still in the midst of bankruptcy proceedings, the company appears to have found a buyer in a firm run by former Famous Dave's CEO Jeff Crivello. While the future remains to be seen for this once briny and bright chain, fans are still holding out hope for their fish taco favorite to weather the storm. In June of 2024, Arby's franchisee, Miracle Restaurant Group, filed for Chapter 11 bankruptcy for the second time since 2010. At the time of its first filing, the group operated more than 60 Arby's locations. By the time of its second filing, the group ran only 25 restaurants in Indiana, Texas, Illinois, Mississippi, and Louisiana. Per the franchisee, the reasons for filing bankruptcy a second time included the effects of the COVID-19 pandemic, increasing supply costs due to inflation, and issues with the IRS not providing a timely refund for Employee Retention Tax Credits worth more than $3 million. The first time that Miracle Restaurant Group filed for bankruptcy saw successful results in its restructuring with creditors being paid in full; however, the current economic climate presents greater challenges and difficulties than ever before. Though Miracle Restaurant Group sought financial relief from Arby's, it wouldn't have been enough to save the franchisee from having to file Chapter 11. It's worth noting that this bankruptcy directly affects the franchisee and not the overall parent company of Arby's, meaning that there are still over 3,000 Arby's locations operating in the United States. Read the original article on Tasting Table. 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Scottish Sun
10-05-2025
- Business
- Scottish Sun
Major supermarket chain with over 900 locations is shutting two branches in just WEEKS after string of closures
Customers had complained about the facilities at one of the stores NOT SO SUPER Major supermarket chain with over 900 locations is shutting two branches in just WEEKS after string of closures A SUPERMARKET chain with over 900 stores across the UK has announced the closure of two more branches. Iceland revealed plans to shut one store in June and the other in July. Advertisement 2 Iceland will be closing two major stores Credit: Getty The College Square store in Margate will be the first to go after serving customers for the last decade. The shutters will be pulled for the last time on June 21. The reason behind the sudden closure has not yet been confirmed, but Iceland has said that staff working at the Margate branch will be offered jobs within the business. An Iceland spokesperson said: "We can confirm our Margate Iceland store will close. Advertisement "Our store colleagues have entered into a consultation process and have been offered opportunities at surrounding stores where possible." One month later, the discount retailer will close its Inverness city centre supermarket at Rose Street Retail Park on July 12. Local news reported that the decision was to allow the brand to concentrate on expanding its Food Warehouse outlets. This includes Food Warehouse sites in Telford, which opened in November 2022. Advertisement An Iceland spokeswoman said: 'We can confirm our Iceland store located at Rose Street, Inverness, is scheduled to close on July, 12. "Our store colleagues will enter into a consultation process and will be offered opportunities at surrounding stores where possible. Security guard stops alleged shoplifter by locking her inside store 'Shoppers can visit our local Food Warehouse store in Inverness, located on Telford Street, IV3 5LU.' Customers at the Inverness store had complained about the parking charges and fines issued by a third-party car park operator, with even disabled shoppers among those hit by penalties, Press and Journal reports. Advertisement These parking concerns have been a sore point for many local shoppers, who say they've been put off returning to the store. Iceland is best known for its frozen food range and exclusive products such as Cathedral City, Greggs, TGI Friday's, and My Protein. It has also made major investments in its delivery services, now available through its own website as well as platforms like Just Eat, Uber Eats, and Amazon, aiming to reach customers who prefer to shop from home. The closure in Inverness is part of a broader reshuffle across Iceland's UK operations, as the supermarket chain adapts to shifting consumer habits, cost pressures, and the growing demand for convenience and online shopping. Advertisement Other retailers have also been facing similar challenges, with many high street stores shutting or relocating to out-of-town retail parks. 2 Iceland shoppers had complained about the lack of parking Credit: Alamy
Scottish Sun
08-05-2025
- Business
- Scottish Sun
Major supermarket chain with 900 branches to shut only store in a city following string of closures
Shoppers fume over parking fines as supermarket giant pulls the plug on city store CLOSING TIME Major supermarket chain with 900 branches to shut only store in a city following string of closures Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR supermarket with around 900 branches across the UK is set to shut its only store in a city, marking the latest in a string of closures. Iceland has confirmed it will close its Inverness city centre supermarket at Rose Street Retail Park on July 12, shifting its focus to The Food Warehouse at Telford Retail Park. Sign up for Scottish Sun newsletter Sign up 3 As July approaches, regular customers at the Rose Street store will be making their final visits Credit: Getty 3 Iceland is best known for its frozen food range Credit: Getty Images - Getty The frozen food giant has been a long-time fixture at Rose Street, trading alongside Smyth's toy superstore, Home Bargains, and Starbucks. According to The Inverness Courier, the decision to close the store comes as Iceland concentrates on expanding its warehouse-style outlets, including the newer Telford Street site that opened in November 2022 with free parking. But the Inverness store hasn't been without problems. Customers have complained about parking charges and fines issued by a third-party car park operator, with even disabled shoppers among those hit by penalties, Press and Journal reports. These parking concerns have been a sore point for many local shoppers, who say they've been put off returning to the store. A spokesperson for Iceland said: 'We can confirm our Iceland store located at Rose Street, Inverness, is scheduled to close on July 12th 2025. "Our store colleagues will enter into a consultation process and will be offered opportunities at surrounding stores where possible. "Shoppers can visit our local Food Warehouse store in Inverness located on Telford Street.' The closure means customers will now be directed to The Food Warehouse, which is a larger format store offering a broader selection of products, bulk deals, and the convenience of free parking. Many shoppers have already made the switch since the Telford Retail Park store opened, drawn by the easier access and larger range. How supermarket chain Iceland is filling its stores with CRIMINALS in major drive to cut reoffending Iceland is best known for its frozen food range and exclusive products such as Cathedral City, Greggs, TGI Friday's, and My Protein. It has also made major investments in its delivery services, now available through its own website as well as platforms like Just Eat, Uber Eats, and Amazon, aiming to reach customers who prefer to shop from home. The closure in Inverness is part of a broader reshuffle across Iceland's UK operations, as the supermarket chain adapts to shifting consumer habits, cost pressures, and the growing demand for convenience and online shopping. Other retailers have also been facing similar challenges, with many high street stores shutting or relocating to out-of-town retail parks. For Inverness, the loss of a city centre supermarket is another blow, following the departure of several other big names in recent years. Shoppers, especially those without cars, may now find it harder to access affordable groceries within walking distance. Despite the closure, Iceland says it remains committed to serving the local community through The Food Warehouse and its delivery services. The company also reassured staff that they will be offered opportunities at other nearby stores wherever possible. As July approaches, regular customers at the Rose Street store will be making their final visits, marking the end of an era for the supermarket in the city centre. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. Boss Stuart Machin recently said that when it relocated a tired store in Chesterfield to a new big store in a retail park half a mile away, its sales in the area rose by 103 per cent. In some cases, stores have been shut when a retailer goes bust, as in the case of Wilko, Debenhams Topshop, Dorothy Perkins and Paperchase to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.
Miami Herald
28-04-2025
- Business
- Miami Herald
Iconic restaurant operator files bankruptcy, closes key location
Some of the most iconic casual dining chains in the U.S. have filed for bankruptcy and closed several locations over the last year. Classic bar and grill TGI Friday's has disintegrated right before our eyes, shrinking by over half its size over the last six months. Don't miss the move: Subscribe to TheStreet's free daily newsletter The restaurant chain on Oct. 21, 2024, listed 213 locations in 29 states on its website locator, but by Oct. 29, it had pared the list to 163 U.S. locations on the locator site. The company had about 550 franchise locations in 55 countries at the time. Related: Popular casual restaurant chain closes over half its locations TGI Friday's had 161 U.S. locations four days later when it filed for Chapter 11 bankruptcy on Nov. 2, 2024. The number further plummeted over the next five months to 85 U.S. locations on April 24. It now has 461 restaurants in 44 countries. Popular seafood chain Red Lobster filed for bankruptcy in May 2024 and emerged from Chapter 11 in September 2024. The restaurant operator closed about 187 restaurants after filing for bankruptcy and now operates about 478 locations in 44 states as of April 24, according to the store locator on its website. Struggling Mexican restaurant chain, On The Border Mexican Grill & Cantina, which began this year operating about 120 locations, on March 4, 2025, filed for Chapter 11 bankruptcy with plans to sell its assets to its prepetition bridge loan lender. Before filing for bankruptcy, the debtor closed or vacated 40 non-performing stores on Feb. 24 because of problems with rent and/or financial performance. On The Border currently has 60 locations operated by OTB Holding, which is 100% owned by private equity firm Argonne Capital Group's affiliate Borders Holdings, and 20 others run by now, casual restaurant operator PB Restaurants LLC and its affiliate entities, Planet Express (LAX) LLC and Times Square Buffet LLC, filed for Chapter 11 bankruptcy protection to reorganize their businesses and close a key restaurant location. Related: Another popular pizza chain files Chapter 11 bankruptcy PB Restaurants and the affiliates filed their petition on April 4, 2025, a day before debtor Planet Express (LAX) reportedly closed a Planet Hollywood restaurant location at Los Angeles International Airport's Tom Bradley Terminal. The LAX Planet Hollywood was set to close on April 5, The Independent reported. Times Square Buffet, which likely operates buffet-style restaurants, did not indicate any specific restaurant closings. More bankruptcies: Popular restaurant and bar chain files for Chapter 11 bankruptcyPopular athletic shoe chain files for Chapter 11 bankruptcyAward-winning cosmetics brand files for Chapter 11 bankruptcy The debtors listed $100,000 to $500,000 in assets and $1 million to $10 million in debts in their petition. Planet Express's largest creditors include Westfield Concessions Management, owed a contingent claim of about $1 million; Santa Monica Unite Here Health, owed over $282,000; Sysco Los Angeles, owed over $54,000; and other food and beverage suppliers, including Harbor Distributing, Southern Glazer's, and Pepsi. The debtor indicated that funds would be available to distribute to unsecured creditors. PB Restaurants, Planet Express (LAX) and Times Square Buffet listed their principal place of business as 4700 Millenia Blvd., Suite 400, Orlando, on their Chapter 11 petitions, which is also the headquarters of Planet Hollywood International and Earl Enterprises, the restaurant chain's owner. Earl Enterprises owned the Buca di Beppo Italian restaurant chain when it filed for Chapter 11 bankruptcy protection on Aug. 4, 2024, and sold the bankrupt chain's assets, including 44 locations, to its stalking-horse bidder Main Street Capital Corp., which was also its prepetition lender. Related: Another popular brewery files Chapter 7 bankruptcy to liquidate The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
