Dallas-based Corner Bakery Café has filed for Chapter 11 bankruptcy. The grab-and-go chain says it needs to file bankruptcy to stymie a takeover attempt. Its secured debt is estimated at $30 million. A competitor to Panera Bread, the Corner Bakery Café sells baked goods, sandwiches, pasta and soup at more than 120 locations across the U.S. Its website lists 32 restaurants in Texas. Corner Bakery is suffering some of the stresses brought on by the Covid pandemic. The chain historically relied on office workers who stopped by for breakfast or took a break during lunch. The chain also had a healthy business catering workplace functions. Both of those groups changed their habits during the pandemic.
The chain was sold by Roark Capital Group to Pandya Restaurant Growth Brands in Oct. 2020. Pandya is part of the Rohan Group of Companies owned by Jignesh (Jay) Pandya and is said to be adept at a turnarounds.
The post Corner Bakery, with 32 Texas Stores, Declares Bankruptcy appeared first on Connect CRE.
Dallas-based Corner Bakery Café has filed for Chapter 11 bankruptcy. The grab-and-go chain says it needs to file bankruptcy to stymie a takeover attempt. Its secured debt is estimated at $30 million. A competitor to Panera Bread, the Corner Bakery Café sells baked goods, sandwiches, pasta and soup at more than 120 locations across the …
The post Corner Bakery, with 32 Texas Stores, Declares Bankruptcy appeared first on Connect CRE.
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