A Massive Food Chain Is Now Denied Bankruptcy Protection

A massive food chain is now denied bankruptcy protection after its owner filed for it two prior times, sources are reporting.

Boston Market essentially created the rotisserie chicken as a fast-food/fast casual staple.

It was a pioneer in offering higher-end, better-for-you comfort meals as an alternative to McDonald’s (MCD) , Burger King, and other fast-food chains.

“Our mission is to create awesome rotisserie meals.

We started our restaurant revolution with just three ingredients: fire, a spit, and chicken.

No one does chicken like we do.

But chicken isn’t the only thing that hits our rotisserie oven— we utilize the same tried and true techniques on our prime rib.

Get hungry for rotisserie perfection,” the chain shared on its website.

The chain, which used to count McDonald’s as a part owner is now owned by Jignesh “Jay” Pandya.

Boston Market has faced some huge financial woes in recent years and had its headquarters seized in May 2022 by the Colorado Department of Revenue over $329,00 in unpaid sales and payroll taxes.

The chain has also been quickly shrinking as all of its Florida and Connecticut locations abruptly shut down in late 2023.

The chain also owed US Foods, its key food vendor $11 million and it faces over 140 lawsuits in a variety of state and federal courts over everything from unpaid wages to overdue rent, and vendors who have not been paid.

Pandaya has twice filed for personal Chapter 11 bankruptcy and has been twice denied by the courts. When his latest filing was denied, the court actually banned him from filing again for six months.

That casts the future of the chain into doubt.

“It appears unlikely Boston Market will have the finances to stay afloat or grow,” RetailDive shared.

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Also Read: A Massive Mall Retailer Is Now Closing in California

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Market News Today - A Massive Food Chain Is Now Denied Bankruptcy Protection.
Market News Today – A Massive Food Chain Is Now Denied Bankruptcy Protection.

A US plant now makes an unexpected closure affecting thousands of employees by this upcoming June, sources confirm.

Tyson Foods has decided to shut the doors of its Perry, Iowa pork plant at the end of June after closing just six plants last year.

“After careful consideration, we have made the difficult decision to permanently close our Perry, Iowa pork facility.

We understand the impact of this decision on our team members and the local community,” a Tyson Foods spokesperson said in a statement to local CBS affiliate KCCI.

“Taking care of our team members is our top priority and we encourage them to apply for other open roles within the company.

We are also working closely with state and local officials to provide additional resources to those who are impacted.

“While this decision was not easy, it emphasizes our focus to optimize the efficiency of our operations to best serve our customers.

Iowa remains a key state for Tyson Foods, with employment of more than 9,000 team members across our other Iowa facilities.”

The Iowa location is the ninth processing factory the company has decided to close since 2023 in an attempt to cut costs, reported The Wall Street Journal.

Over the past year, Tyson executives have said they could be closing more of their chicken, beef, and pork plants, according to the Journal.

Tyson is the largest meatpacker in the United States and one of the nation’s largest pork processors.

The Perry plant, which is smaller than other Tyson plants in the state, is estimated to have the capacity to slaughter about 8,000 pigs a day, roughly 2% of the US total, according to agricultural lender Rabobank.

“With the looming closure, 1,200 employees will be left jobless,” reports The-Sun.

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Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

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Market News Today - A Massive Food Chain Is Now Denied Bankruptcy Protection.
Market News Today – A Massive Food Chain Is Now Denied Bankruptcy Protection.

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