This week, by Chloe declared bankruptcy. The plant-based fast-casual chain was also put up for sale despite the legal battle between Chloe herself and current management including CEO Jimmy Haber who stepped down amid the announcement.
That coincided with our end of year round-up: the year in bankruptcies. 13 restaurant and restaurant groups declared bankruptcy in 2020 including by Chloe, Ample Hills Creamery, Stephen Starr's Upland restaurant in Miami and more. The only good news is that many of these companies who declared Chapter 11 bankruptcy were purchased and can continue on with new investing partners or owners in spite of COVID.
The National Restaurant Association, which has estimated 17% of restaurants have permanently closed during the pandemic and that 10,000 more restaurants will close by the end of winter, announced that it reached an agreement with third-party delivery companies regarding fair and transparent practices after the delivery companies came under fire for current practices during the coronavirus pandemic.
See what else was trending on Restaurant Hospitality this week.