Struggling eatertainment concept Punch Bowl Social on Tuesday named a new chief executive: John Haywood, the former CEO of Garden Fresh Restaurants.
Haywood takes over from Punch Bowl Social founder Robert Thompson, who resigned from the food-and-games concept last week to launch an innovation lab for new products aimed at millennials and Gen Zers.
Haywood served as CEO of Garden Fresh Restaurants, the parent company of Souplantation and Sweet Tomatoes buffet concepts, from September 2017 until May, according to his LinkedIn profile. Before that, he served as an independent restaurant industry acquisition and restructuring specialist for more than a decade. Garden Fresh declared Chapter 7 bankruptcy in May.
“We are fortunate that our management team, lender, vendors and landlords are all working together to reopen Punch Bowl Social locations and ensure a strong future for our concept,” he said in a statement. “There are both challenges to be solved and significant opportunities to be realized in the next phase of Punch Bowl Social’s journey.”
Punch Bowl Social’s narrative is a bumpy one. The chain was once one of the industry’s must-watch concepts. Cracker Barrel invested $140 million for a minority stake in the brand a year ago.
Once the pandemic upended the industry in March, however, Cracker Barrel separated itself from its Punch Bowl Social dealings, forcing Thompson to close all 19 units and lay off nearly all employees. Punch Bowl’s lenders declared the chain in default on its loans.
Punch Bowl Social has since reopened its locations in Denver, Cleveland and Atlanta, with more units scheduled to open next month, the company said.
“I’m confident in the future success of Punch Bowl Social and will be working to navigate the path to protect the business and position the company to more effectively compete in today’s environment,” Haywood said.
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