Robert Cornog, Jr. and Richard Flaherty are the new co-CEOs of Punch Bowl Social, the eatertainment chain that was purchased by lender CrowdOut Capital earlier this year.
Cornog is a co-founder of Punch Bowl Social and previously served as its CFO and chief legal officer. Flaherty previously worked as COO for Punch Bowl.
Both men also serve as co-CEOs of Wagamama USA, a U.K.-based fusion chain that is expanding in the U.S.
“Today’s announcement marks an important step in Punch Bowl’s recovery from COVID,” CrowdOut Capital CEO Alexander Schoenbaum said in a statement. “It has taken more than a year to get to this point, but we are looking forward and ready to restart growth.”
Last August, Punch Bowl named John Haywood, the former CEO of Garden Fresh Restaurants, to lead the concept following the resignation of founder Robert Thompson.
Once one of the industry’s hottest concepts, Punch Bowl received a $140 million minority investment from Cracker Barrel in 2019. But that deal fell apart at the outset of the pandemic, forcing Thompson to close all 19 locations and lay off nearly all employees.
Punch Bowl declared bankruptcy in December and was sold to CrowdOut in April for $32 million.
Denver-based Punch Bowl has reopened 12 of its locations as it works to emerge from the pandemic, CrowdOut said in a statement.
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