The parent company of Brio and Bravo Italian restaurants has filed for Chapter 11 bankruptcy protection.
Owner FoodFirst Global Restaurants said the chains had been struggling before being forced to close the dining rooms of the restaurants during the COVID-19 pandemic.
“The COVID-19 outbreak truly could not have come at a worse time for our business,” CEO Brad Blum said in a statement, according to Restaurant 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.”
According to the bankruptcy filing on April 10, the chain has 1,000-5,000 creditors and has estimated assets and liabilities in the $10 million to $50 million range.
FoodFirst closed 10 stores in January and closed 71 of its remaining 92 locations when the pandemic took hold last month.
According to the Restaurant Business story, the chain is open to a buyer.