Restaurant Now Files An Unexpected Bankruptcy Closing All Locations

A restaurant now files an unexpected bankruptcy, closing all locations nationwide effective immediately, the company confirmed.

Outfox Hospitality announced it would shutter all of its locations and file for Chapter 7 bankruptcy, according to Snaxshot.

The announcement came suddenly on the morning of April 23, when Outfox alerted corporate employees during a conference call that all stores would be closing by noon that day.

There are approximately 100 full time corporate employees working for Outfox from its headquarters in Chicago, plus another 1,000 working across the various market locations in Texas, Illinois, and the greater Washington, D.C., region.

“It is with a heavy heart that we must inform you of a difficult decision we have had to make,” the company wrote April 23, adding that “This decision has not been made lightly.”

“We understand that this news may come as a shock, and we apologize for any inconvenience it may cause.

We genuinely appreciate your understanding during this challenging time,” the company wrote.

Some reports allege that market workers were kept out of the loop about the anticipated closures, with some reporting they had to usher customers out of the store so they could shut down in time for the noon deadline, reports TheStreet.

“Foxtrot employees are handing out free bottles of wine at one of the downtown DC stores, after the company announced the closure of all its locations,” one D.C.-based X user tweeted.

“I’m outside the Division St Foxtrot in Wicker where people are FREAKING out about the chain’s closure.

One woman just told me she moved to the neighborhood because Foxtrot was here,” a Chicago user wrote.

“All Foxtrot coffee shops in Dallas closed mid-morning while customers were still inside. If this sounds bananas, it is,” another posted.

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - Restaurant Now Files An Unexpected Bankruptcy Closing All Locations.
Market News Today – Restaurant Now Files An Unexpected Bankruptcy Closing All Locations.

A massive shoe retailer now announces a new wave of layoffs to hit headquarters this summer, affecting over 700 employees.

Nike has announced its ‘second phase’ of mass layoffs, effective June 28, according to a Worker Adjustment and Retraining Notification (WARN) filing.

A total of 740 employees will be impacted in the retailer’s home state.

The layoffs are part of the 2% workforce reduction Nike announced in February, which is taking place across two phases, the company confirmed via email.

Nike said job titles and the number of employees in each category would be provided at a later date, once the company has determined them.

Bumping rights are not available for the impacted employees, reports Retail Dive.

“Nike’s always at our best when we’re on the offense. The actions that we’re taking put us in the position to right-size our organization to get after our biggest growth opportunities as interest in sport, health and wellness have never been stronger,” Nike said in a statement.

“While these changes will impact approximately 2% of our total workforce, we are grateful for the contributions made by all Nike teammates.”

The layoffs are tied to a cost-savings plan Nike unveiled in December, which is aimed at generating up to $2 billion in cumulative savings over three years.

Based on the company’s last annual report, the layoffs to 2% of its total workforce will impact more than 1,600 people.

Savings from the plan are set to be reinvested in driving growth, innovation and profitability.

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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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Market News Today - Restaurant Now Files An Unexpected Bankruptcy Closing All Locations.
Market News Today – Restaurant Now Files An Unexpected Bankruptcy Closing All Locations.

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