Noon Mediterranean files for Chapter 11 bankruptcy

Noon Mediterranean files for Chapter 11 bankruptcy

Fast-casual chain closes 7 units; considering possible sale

The fast-casual chain Noon Mediterranean Inc. filed for Chapter 11 bankruptcy relief earlier this month and closed seven restaurants.

The New York-based chain has also hired investment banking firm Griffin Financial Group LLC to advise the company on strategic alternatives, including a possible sale of the business or assets, according to court documents.

The concept was a pioneer in what is now an increasingly crowded field of fast-casual Mediterranean concepts growing across the country.

Noon Mediterranean operated 19 locations as of November 2017. The chain was founded in Austin, Texas, in 2011 as VertsKebap, a döner kebap concept. In 2015, it won $20 million in private funding that fueled a national expansion plan and a name change to Verts Mediterranean Grill, with a broader menu.

In 2017, the company brought in another $10 million investment for rebranding, and the name change again to Noon Mediterranean, shifting its corporate headquarters to New York.

Company officials did not immediately respond to requests for comment.

Update, Aug. 15, 2018: This story has been updated to clarify the number of units closed.

Contact Lisa Jennings at lisa.jennings@knect365.com 

Follow her on Twitter: @livetodineout

TAGS: Operations
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish