Financing The struggling fast-casual bakery-café restaurant chain sought Chapter 11 debt protection as a creditor moved to take control of the company. Corner Bakery filed for Chapter 11 debt protection to fend off a creditor. / Photograph: Shutterstock. Corner Bakery, the fast-casual bakery-café chain once tagged as a potential rival to Panera Bread but which has struggled as people stopped coming into the office, sought Chapter 11 bankruptcy protection this week as it seeks to fend off an effort by creditors to take control of the company. The chain, which finished 2021 with 161 locations but appears to have far fewer now, has $33.8 million in secured debt, a legacy of debt taken out in 2017 that investment firm Pandya Group inherited when it bought Corner Bakery from Roark Capital in 2020. SSCP Restaurant Investors acquired that debt and made moves to take the chain over, establishing a sale process this week and prompting the bankruptcy filing, according to court documents. Corner Bakery had been in talks to pay off the debt before SSCP bought the rights to that debt on the secondary market. The fast-casual chain disputes the amount it owes, saying it owes between $20 million and […]
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