An Unexpected Restaurant Now Files For Bankruptcy in Ohio

An unexpected restaurant now files for bankruptcy in Ohio after serving its community for more than 18 years.

Ohio’s Melt Bar & Grilled has now filed for Chapter 11 bankruptcy protection.

The beloved grilled cheese restaurant, which opened its first location in Lakewood in 2006, gained national attention after being featured on the Food Network’s “Diners, Drive-ins and Dives” and the Travel Channel’s “Man vs. Food”.

It was known for its designer spin on grilled cheese sandwiches and range of local craft beers.

Despite its initial success and aggressive expansion, the chain has struggled to recover from the impacts of the COVID-19 pandemic.

At its peak, Melt Bar & Grilled operated 13 locations across Ohio and generated over $18 million in annual sales.

However, the pandemic forced the company to reduce its operations to takeout and delivery, significantly affecting its revenue.

While the restaurants reopened in August 2020, sales did not return to pre-pandemic levels.

Melt received financial assistance through the Paycheck Protection Program and an Economic Injury Disaster Loan, but these measures were insufficient to cover the mounting debts and expenses.

The company has been steadily closing locations and is now down to four units.

The bankruptcy filing aims to shed the debt accumulated during the chain’s rapid growth period from 2010 to 2019, allowing it to return to a sustainable financial footing.

“Navigating the restaurant industry in the post-pandemic world with growing economic issues is becoming increasingly difficult.

The world and the industry are rapidly changing around us.

After careful consideration, Melt Bar and Grilled has decided to file Chapter 11 Bankruptcy.

This gives us the best opportunity to reorganize and rebuild the company,” said president and Company founder Matt Fish.

The company now has four main locations including in Akron, Lakewood, Mentor, and Columbus.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

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Market News Today - An Unexpected Restaurant Now Files For Bankruptcy in Ohio.
Market News Today – An Unexpected Restaurant Now Files For Bankruptcy in Ohio.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - An Unexpected Restaurant Now Files For Bankruptcy in Ohio.
Market News Today – An Unexpected Restaurant Now Files For Bankruptcy in Ohio.

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