The 19-unit Taylor Gourmet hoagie chain filed Chapter 7 bankruptcy proceedings on Thursday after closing all of its locations in the Washington, D.C. area and Chicago earlier in the week. According to court documents, the liquidation leaves 50 to 99 creditors, but no funds would be available to unsecured creditors after administration expenses were paid. The company estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The move comes after private-equity firm KarpReilly LLC reportedly pulled its $5.6 million investment after three years. Taylor Gourmet in 2015 had 10 units when it won the backing of KarpReilly, which has a large restaurant portfolio, including Burger Lounge, California Fish Grill, Café Zupas, Eureka and Superba Food + Bread. KarpReilly also recently agreed to sell another early-growth concept it had invested in: Patxi’s Pizza in San Francisco is in the process of being acquired by Elite Restaurant Group, owner of the Slater’s 50/50 and Daphne’s chains. Neither KarpReilly nor Casey Patten, Taylor Gourmet’s co-CEO, responded to requests for comment. In an earlier report in the Washington Business Journal, Patten said he was considering three restaurant closures, saying the chain had grown too rapidly. Patten also cited increased fast-casual competition and higher real estate prices. He said some locations were larger than they needed to be. Other sources, however, reportedly blamed the fallout after Patten met with President Donald Trump at a small business roundtable at the White House in January 2017, according to the Washingtonian. Patten, who described himself as apolitical, said the chain suffered a backlash and calls for a boycott. One source said sales declined 40 percent the day after the roundtable. A spokesman, however, told the Washingtonian that the chain rebounded after the controversy. – Source: Restaurant Hospitality
- Who We Are
Our Mission:
"…to be the highest quality provider of human capital to our clients.”
- What We Do
Human Captial Management Solutions That Work
Being Better often requires assistance from others who can help get your there.
- Employers
Welcome Job Seekers
Our #JobSquad has assembled everything Job Seekers need, to beBetter.
- Job Seekers
Welcome Employers
Our #JobSquad has assembled everything Employers need, to beBetter.
- Blog
Ways for you to beBetter
Tips, tools and perspectives for job seekers, employers as well as general information on ways to beBetter.
- Connect
Get Connected:
Connect easily with our Corporate Office or with any of our Franchise locations.Corporate Office, Coral Springs, FL
(954) 493-9200 info@ariteam.com
Atlanta, GA
(770) 433-2220 iphillip@ariteam.com
Chicago, IL
(312) 780-7510 cwilson@ariteam.com
Dallas - Ft. Worth
(469) 922-2048 jsosa@ariteam.com
(469) 922-2096 eroshan@ariteam.com
Davie, FL
(954) 990-4545 frankc@ariteam.com
Manchester, NH
(603) 825-5520 van@ariteam.com
Simpsonville, SC
(864) 900-2144 matt@ariteam.com
(864) 900-2144 grace@ariteam.com
- Search Jobs
Featured Jobs
- Outside Sales Representative - Kalamazoo, MI - Wholesale Plumbing Supply DistributionOutside Sales Representative - Kalamazoo,...
- Director of Surgical Services
- Vice President of Sales--SmallwaresVice President of Sales - Smallwares REMOTE, Ideally West Coast Job...
- Outside Sales Representative - Kalamazoo, MI - Wholesale Plumbing Supply Distribution
Leave a Reply
You must be logged in to post a comment.