Category: Restaurant Industry

An Unexpected Restaurant Chain Now Closes All Locations

An unexpected restaurant chain now closes all locations after only two years in business when a famous comedian opened its doors.

Hart House, the vegan fast-food chain founded by comedian Kevin Hart, has officially closed all its locations just two years after opening.

The four Southern California restaurants shut their doors for the last time on Tuesday, as confirmed by CEO Andy Hooper in a statement to Eater LA.

Hooper expressed gratitude for the support received, stating, “The response to the product has been incredible, and we thank our committed team, our customers, and our community partners for helping make the change we all craved.”

The chain also shared a farewell message on its Instagram, featuring the words “thank you” over an image of a vegan chicken burger, and stating, “A Hartfelt goodbye for now as we start a new chapter.”

When Hart House launched in August 2022, it aimed to promote a vegan lifestyle, inspired by Hart’s own shift to a mostly plant-based diet in 2020.

The fast-food brand offered a variety of items, including chicken sandwiches, nuggets, and burgers, all priced under $8, with combo meals available for less than $15.

The flagship location opened in May 2023 at the busy intersection of Hollywood Boulevard and Highland Avenue, strategically positioned near popular fast-food chains like Chick-fil-A and In-N-Out.

Hooper noted the significance of this location, highlighting the drive-thru feature that Hart House hoped to replicate in future stores.

Despite the enthusiasm surrounding its mission, Hart House has now ceased operations, marking the end of a brief but ambitious venture in the fast-food landscape.

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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy

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Market News Today - An Unexpected Restaurant Chain Now Closes All Locations.
Market News Today – An Unexpected Restaurant Chain Now Closes All Locations.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

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Market News Today - An Unexpected Restaurant Chain Now Closes All Locations.
Market News Today – An Unexpected Restaurant Chain Now Closes All Locations.

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A National Burger Chain Now Files An Unexpected Bankruptcy

A national burger chain now files an unexpected bankruptcy after its parent company listed up to $500 million in liabilities.

BurgerFi has officially filed for bankruptcy, marking the culmination of several months of significant financial challenges for the fast-casual restaurant chain.

In May, the company began exploring strategic options to address its financial woes, including seeking additional financing, selling off some assets, and finding new ways to improve cash flow.

Throughout 2023, BurgerFi International has faced declining same-store sales, with a notable 13% drop at BurgerFi and a 2% decrease at its sister brand, Anthony’s Coal Fired Pizza & Wings.

Although the chain reported a reduced net loss of $30.7 million for the year, compared to $103.4 million in 2022, it has continued to struggle with profitability.

In August, BurgerFi appointed a chief restructuring officer just days after expressing serious doubts about its ability to continue operations due to its challenging liquidity situation.

The company indicated that bankruptcy could be on the table if it did not receive sufficient relief from its senior lenders or a much-needed cash injection.

Compounding its difficulties, Nasdaq issued deficiency notices to BurgerFi in late August, citing the company’s failure to file its quarterly report within the mandated 45-day timeframe.

Additionally, the exchange noted that the company did not meet the required number of board members following the resignation of three directors earlier that month.

As BurgerFi navigates this challenging period, the future remains uncertain as it seeks to stabilize its operations and recover from its financial setbacks.

For more bankruptcy news and updates like this, join the newsletter or opt-in for push notifications.

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - A National Burger Chain Now Files An Unexpected Bankruptcy.
Market News Today – A National Burger Chain Now Files An Unexpected Bankruptcy.

A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.

Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.

The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.

According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.

As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.

Many fans took to social media to express how upset they were with the loss.

“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.

“It was inevitable,” a second person mourned.

“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.

“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”

One person revealed that they had forgotten the rental service had existed.

Some users were not surprised by the announcement.

“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.

“Also kinda remember getting into a feud with them on here.”

One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.

Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.

At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.

The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.

It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.

Also Read: This Massive Mall Retailer Is Now Closing In California

Market News Published Daily 📰

Market News Today - A National Burger Chain Now Files An Unexpected Bankruptcy.
Market News Today – A National Burger Chain Now Files An Unexpected Bankruptcy.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

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Our readers can now donate $3 per month to support independent journalism.

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