2 restaurant chains file for bankruptcy
(Gray News) - Two restaurant chains - World of Beer and Buca di Beppo - have filed for Chapter 11 bankruptcy amid financial headwinds.
World of Beer Bar & Kitchen, based in Tampa, Florida, filed Friday in Florida Middle Bankruptcy Court, Tampa Bay Business Journal reported.
World of Beer said the challenging post-pandemic environment, declining sales, rising expenses and inflation have impacted its business, Restaurant Business magazine said.
The concept of World of Beer, with tavern fare and hundreds of brews on tap, began in 2007 in the Tampa neighborhood of Westchase and quickly grew. The chain was listed by the Restaurant Business magazine as one of the top 10 fastest growing chains in the U.S. 10 years ago.
The company ended last year with 42 locations, Nation’s Restaurant News reported. It currently lists 34 locations in the U.S.
There’s currently no word on what additional closings will follow the bankruptcy filing.
Buca di Beppo, an Italian chain based in Orlando, Florida, announced Monday it filed for Chapter 11 bankruptcy in the Northern District of Texas.
Buca di Beppo said it is restructuring 44 core locations and is in process of opening one new location.
It had closed 13 underperforming locations last week, Restaurant Business reported, having peaked at 95 restaurants nationwide back in 2013.
“This is a strategic step towards a strong future for Buca di Beppo. While the restaurant industry has faced significant challenges, this move is the best next step for our brand. By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future,” said Rich Saultz, president.
Buca di Beppo was founded in Minneapolis in 1993.
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