An owner of a popular chain now files for an unexpected bankruptcy after falling between $10 and $50 million worth of debt.
Boston Market’s remaining locations continue to operate.
However, it’s unclear how long that will last and the brand could be sold off as part of Jay Pandya’s bankruptcy filing — it’s owner — which listed between $10 and $50 million worth of debt.
Boston Market originally grew from a single location in Newton, Mass., a Boston suburb to a regional phenomenon.
That growth, however, flamed out and the the company filed bankruptcy in 2000 with McDonald’s stepping in to rescue it, reports TheStreet.
McDonald’s sold the brand to Sun Capital Partners where it began a slow decline before Jay Pandya acquired the brand in 2020.
According to several reports, the acquisition has not gone well as the chain has shrunk to less than 300 stores and had its Colorado headquarters seized over tax debt.
The company faces eviction at many of its remaining locations and has been ordered to pay a whopping $11.9 million to US Foods, a judgment issued after the company more or less chose to ignore the lawsuit.
Now, Pandya has filed for Chapter 11 bankruptcy just a couple of months after a judge in the Eastern District of Pennsylvania Bankruptcy Court threw out his first petition because the filing did not contain all the required documents.
The Boston Market owner, who faces “hundreds” of lawsuits “failed to respond to court orders, including repeated requests for more information over the course of two weeks,” according to Nation’s Restaurant News.
The filing also shows that Pandya owes money to the IRS, US Foods, and inexplicably, Pizza Hut.
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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Other Economy News Today
A massive retailer now permanently closes and begins a liquidation sale citing the decision was not made lightly, sources report.
The Salvation Army has confirmed the closure of one of its major thrift store locations, and customers are preparing for a liquidation sale.
The organization confirmed Friday that the store in Hopkinsville, Kentucky, about 22 miles from the state’s southwestern border with Tennessee, would shut down indefinitely next month.
Corps Officer Lieutenant Lindsey Galabeas said that the closure came after lengthy deliberation in an effort to transform the building to better serve residents, per Christian County Now.
“While the decision to close the store was not made lightly, we believe it is a responsible step forward in enhancing our ability to serve the community more effectively,” Galabeas told the outlet.
Financial struggles were also noted as a cause of the Salvation Army thrift store closing, including “sales and operational challenges.”
Galabeas stressed that the closing presented a better opportunity for the Salvation Army to do more, promising a clothing closet with free access to “gently used” items from community members who might need them.
“We plan to repurpose the store space to better meet the evolving needs of our community,” the lieutenant continued.
“Plans include establishing a clothing closet where our neighbors in need can access gently used clothing items.”
The official closure date is set for March 8, reports The-Sun.
It was noted in the press release from the Salvation Army that up until the final day of business, the Hopkinsville thrift store will operate on Mondays, Wednesdays, and Fridays from 11:00 am to 4:00 pm, per radio station WHOP.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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