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Two restaurant chains with Louisville locations file for bankruptcy. Here’s what to know
Which well-known retail stores filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are battling with worsening financials.
Two national restaurant chains with Louisville locations filed for Chapter 11 bankruptcy this month: Buca di Beppo and World of Beer Bar & Kitchen. Will the filings cause restaurant closures in Kentucky?
Here’s what we know.
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Restaurant chains with Louisville locations file for bankruptcy
Buca di Beppo, an Orlando-based casual Italian restaurant chain, filed for bankruptcy on Aug. 5 because of rising costs, and hiring difficulties, among others, USA TODAY previously reported. In addition, the Tampa-based chain World of Beer Bar & Kitchen filed on Aug. 2, The Florida Times-Union stated.
Both have locations in east Louisville — Buca di Beppo is located at 2051 S Hurstbourne Parkway and World of Beer Bar & Kitchen is located at 9850 Von Allmen Court.
Did Buca di Beppo file for bankruptcy?
Yes. Buca di Beppo filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas in early August with a debt of nearly $50 million to 30 creditors. In July, the chain closed around 20% of its locations, with plans to restructure 44 and open a new one once closures are complete.
Is World of Beer filing for bankruptcy?
Yes. World of Beer filed for Chapter 11 bankruptcy in the Tampa division of the U.S. Bankruptcy Court for the Middle District of Florida in early August. It was a result of “growing market pressures, including rising interest rates, inflation, increased operating costs and a slow return to pre-pandemic dining habits by consumers,” The Florida Times-Union previously reported.
Will the Louisville locations of Buca di Beppo and World of Beer stay open?
According to USA Today, The Buca di Beppo location at 2051 S Hurstbourne Parkway will remain open.
As of Saturday, The Courier Journal was unable to confirm if the bankruptcy filing for World of Beer could impact its location at 9850 Von Allmen Court.
What is bankruptcy?
Bankruptcy is a legal process for people or businesses with outstanding debt to eliminate part, or all, of the debt, and establish a repayment plan. According to the United States Courts, all bankruptcy cases are handled in federal courts, and filing for bankruptcy “helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.”
What is Chapter 11 bankruptcy?
According to the United States Courts, Chapter 11 bankruptcy is frequently referred to as a “reorganization” bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.”
Marina Johnson is a breaking and trending news reporter at The Courier Journal. You can reach her at marina.johnson@courier-journal.com.
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