The parent company behind Bravo! Italian Kitchen and Brio Italian Grille has filed for Chapter 11 bankruptcy protection—its second bankruptcy in just over five years.
Bravo Brio Restaurants LLC, which currently operates 25 Brio locations and 23 Bravo locations, filed its petition on Aug. 18 in the U.S. Bankruptcy Court for the Middle District of Florida. The company had already closed seven restaurants ahead of the filing.
In court documents, Bravo Brio cited “acute financial distress” in the restaurant industry—a struggle also faced recently by Red Lobster, Tijuana Flats, TGI Fridays, and Hooters, all of which have turned to bankruptcy proceedings this year.
A Second Attempt at Survival
Bravo Brio’s brands were acquired in June 2020 by Earl Enterprises, the group that also owns Planet Hollywood and Bertucci’s—after their previous parent company, FoodFirst Global Restaurants, filed for bankruptcy just months earlier.
Now, Bravo Brio says it plans to use bankruptcy restructuring to strengthen its financial footing. The company’s statement outlined plans to:
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Close underperforming locations
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Restructure debt
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Reduce operating costs
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Seek a new investor
“The Chapter 11 process will allow the company to reorganize quickly and efficiently, creating a sustainable future,” Bravo Brio said in a news release.
Will More Locations Close?
For now, a company spokesperson told Today.com that there are no immediate plans to close additional locations. Still, some closures have already taken place in Virginia, Missouri, Ohio, and Delaware earlier this year—two of them on the same day the bankruptcy was filed.
The Company that owns Brio Italian Grille and bravo! Italian Kitchen restaurants has filed for bankruptcy. Jennifer Corbett, Delaware News Journal/USA Today Network.
Despite these setbacks, Bravo Brio confirmed that remaining restaurants will continue to operate during the bankruptcy process.
Financial Snapshot
Court filings show Bravo Brio listed:
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Assets: $50 million–$100 million
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Inventory & equipment value: About $25 million
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Liabilities: More than $50 million
The company also acknowledged it owes:
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$900,000 in employee wages
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$1.9 million to food supplier Sysco
Bravo Brio pointed to “above-market leases and underperforming locations” as major factors straining cash flow and earnings.
Current restaurants will continue operating during the bankruptcy process, the company said.
