The post-COVID-19 restaurant renaissance has rapidly turned into a restaurant recession. Over the past year, a smorgasbord of notable restaurant chains and franchisees have filed for bankruptcy relief, including Red Lobster, TGI Fridays, Rubio's Coastal Grill, Buca di Beppo, Tijuana Flats, On the Border, EYM Pizza (Pizza Hut franchisee), River Subs (Subway franchisee), and BurgerFi/Anthony's Coal Fire Pizza, to name a few.
Recently, GPS Hospitality (GPS), a leading restaurant franchisee operating over 400 Burger King, Pizza Hut, and Popeye's locations across 12 states and owned by former Arby's Chief Executive Officer Tom Garrett, reportedly retained counsel and a financial advisor to manage its debt load and the alleged risk of breaching some of its debt terms. A group of GPS' creditors have reportedly also retained counsel.
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Originally published by Turnarounds & Workouts.
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