TL;DR
Garden Fresh Restaurant Corp., the owner of Souplantation and Sweet Tomatoes, filed for bankruptcy and plans to close 20-30 underperforming locations. The company, owned by Sun Capital Partners Inc., has between $1 million to $10 million in assets and liabilities.
A number of Souplantation and Sweet Tomatoes locations will soon be closing. According to a recent Nation’s Restaurant News article, the owner of both restaurants, Garden Fresh Restaurant Corp., filed for bankruptcy on Monday.
Sun Capital Partners Inc., who owns the San Diego-based company, reported between $1 million to $10 million in both assets and also liabilities. Garden Fresh will be closing around 20 to 30 restaurants that are currently underperforming. A majority of the company’s 124 units are in the Southwest and on the West Coast.
“By improving our capital structure through this restructuring, we’ll be able to accelerate the changes underway to refresh our restaurants and build a strong future,” says John Morberg, Garden Fresh CEO.
Since 2015, Garden Fresh has become the ninth restaurant operator to file for federal debt protection and follows a decline in same-store sales that has made a big impact on the restaurant industry in the last year.
In this story
This story was originally published in 1851 Franchise on October 4, 2016. Burnaze summarizes and links to the original reporting.
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