The owner of a massive restaurant chain now files for bankruptcy after several months of lawsuits and evictions.
The owner of Boston Market, Jay Pandya, has filed for personal bankruptcy.
According to court documents, Pandya owes $10 million to US Foods, $4.4 million to a company called Southern Shoals, LLC, $3.3 million to Univest Bank and Trust Co., and $637,000 to Daniel and Mary Lezotte.
It is not clear yet how Pandya’s personal bankruptcy will impact Boston Market’s restaurants.
This isn’t the first time he’s dealt with financial ruin, reports QSR Magazine.
He also acquired Corner Bakery Cafe in 2020, only for the chain to file bankruptcy in early 2023.
SSCP Management, a franchisee of Sonic and Applebee’s, spent $15 million to buy Corner Bakery Cafe out of bankruptcy.
However, after closing hundreds of units in the past several years, Boston Market is now down to roughly 300 locations nationwide.
Complaints from management, employees, and vendors have come from all over the country.
“For the whole time I was there, we hadn’t gotten paid on time. There were a lot of promises it would get better every paycheck and it would get worse and worse, and when we did get it, we were missing money.
It got to the point that we had garbage lining the whole building, outside the building in our dumpster area, we had moldy food, spoiled food, maggots, flies, mice got into it,” said Jeremy Dukeshire, a former General Manager of a location.
The restaurant chain has officially closed its last eight remaining locations in Florida.
This is a developing story.
Also Read: A Popular Retailer Now Announces an Unexpected Closure
Other Economy News Today
64 bank branches have now filed to close down according to the latest notice from the U.S. Office of the Comptroller of the Currency.
During the week between November 12 and 18, a total of 64 bank branches filed to close down for good.
The closures will affect customers of more than 10 well-known banking chains, reports The-Sun.
“PNC Bank, the country’s sixth largest, decided to shutter the most branches during that week.”
“A total of 19 locations were slated to closed for good across eight states from Texas to New Jersey.”
PNC has already closed dozens of branches this year, with chief executive officer William Demchak telling investors in July that the bank is “going to have to take a hard look” at where it can “generate savings.”
Chase filed to close the second-largest amount of branches during the November bloodbath, with 18 locations being slated for closure.
Citizens Bank filed to close eight branches, U.S. Bank filed to shutter seven locations, and Bank of America filed to close five locations.
Meanwhile, Citi Bank slated two branches for closure, and several smaller banks filed to close a single location.
One of the biggest reasons why we’re seeing more bank closures across the country is due to the massive rise of online banking.
The surge of online banking has triggered banks to pivot more towards the digital world, resulting in US bank closures.
Although many Americans enjoy the convenience of online banking, experts have warned that a digital banking industry leaves certain customers vulnerable to improper practices.
A report from the National Community Reinvestment Coalition found that when there are fewer branches in an area, more people use “alternative financial services that open them to unregulated and predatory financial practices.”
Meanwhile, a recent survey by Daily Mail found that 51% of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.
But I’d love to know your thoughts on these bank closures — leave your thoughts in the comment section down below.
Also Read: A US Bank is Now Denying Customers Access to Money
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