Why Steak & Ale is making a comeback, 15 years after shutting down

A Deeper Dive: Paul Mangiamele, the owner of Legendary Restaurant Brands, explains his decision to bring the casual dining chain back so long after it filed Chapter 7 bankruptcy.


Remodels, a pandemic and Brazil led to the bankruptcy of a Wendy's franchisee

Starboard Group, the Wendy’s franchisee that sought debt protection this week, said a number of factors converged that led to the filing, including a failed Brazilian joint venture.

Florida-based Starboard Group sought debt protection for its Wendy’s restaurants. It is the latest in a series of restaurant companies to take that step.

SouthRock Capital, a major food and beverage operator in the country, had its master franchise agreement with Subway terminated after less than a year and lost its license to operate Starbucks.

The Bottom Line: A rash of bankruptcy filings shows that small brands and franchisees continue to deal with the aftermath of the pandemic, three and a half years later.

Premier Kings, a 172-unit Alabama and Georgia operator whose owner died in 2022, declared Chapter 11 bankruptcy protection, citing substantial operating losses.

The 12-unit Massachusetts plant-based chain sought debt protection after sales didn’t recover as expected and financing froze just as it kicked off expansion plans.

Icebox Cafe, which operates four restaurants plus some vending machines, said dealings with “aggressive lenders” had a role in its filing.

Meridian Restaurants, the large operator that declared bankruptcy in March, is selling 70 of its 91 remaining restaurants to several different franchisees as well as the brand following an auction this month.

The fast-casual chain was born in Kentucky and had big plans for franchise expansion before rising interest rates put a damper on growth, the company said.

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