Parent Company of Brio and Bravo Files for Chapter 11 Bankruptcy
The parent company of a pair of Italian restaurant chains--one of which once had a location in the Boston area--has declared bankruptcy, closing most of its locations in the process.
According to an article from Restaurant Business, FoodFirst Global Restaurants has filed for Chapter 11 bankruptcy protection, with 71 of its 92 locations of Brio and Bravo shutting down. FoodFirst CEO Steve Layt indicates that the pandemic was at least partly to blame for the bankruptcy, as the company was only days away from a recapitalization when the coronavirus outbreak got going, while company chair Antonio Bonchristiano, says that the impact of the pandemic is "irreversible." More closures could be happening, as the leases of 20 remaining outlets are up for renewal this year, with Layt saying that "The COVID-19 outbreak truly could not have come at a worse time for our business....The mandated dining room closure orders wiped out 60% of our restaurants within days and since then we have experienced nothing short of devastating sales declines."
A location of Brio had been in Chestnut Hill, but it closed in 2018 after approximately six years in business.
Thanks to to Patrick Maguire of Maguire Promotions & Hospitality Consulting for initially bringing this to our attention.
by Marc Hurwitz (Also follow us on Twitter at @hiddenboston)
Labels: bankruptcy filings, restaurant chains, restaurant closings