Startup restaurants can be hard to get off the ground. While the concept may seem like something that can work, legalities and other costs can get in the way.
While filing for bankruptcy is certainly a difficult decision for many business owners, partnerships and corporations, the truth is that a bankruptcy can actually be a very positive move that can greatly benefit a business in the long run.
Friendly's Ice Cream Corp., the parent company to the popular restaurant chain Friendly's, filed for bankruptcy earlier this month. And while some locations have already closed, the plan is for 424 restaurants to stay open while the company reorganizes under Chapter 11 bankruptcy. The company has also already secured $70 million in financing to help make this reorganization possible.
After a decade of being in the same spot, an Italian restaurant that many say reminded them of the old Little Italy in Manhattan has filed for bankruptcy.