The Northern California concept closed all of its remaining five locations, making it the second chain this week to completely shut down.
A chain of Greek restaurants in Northern California filed for Chapter 7 bankruptcy last week and closed all five of its locations.
The owner of Opa! Authentic Greek Cuisine has both assets and liabilities of between $100,000 and $500,000, according to a bankruptcy filing in California’s Northern District Court.
The full-service chain was based in Santa Clara and once had as many as seven locations in the area. A unit in San Jose closed in February.
As of Thursday, Opa!’s website was no longer working, and phone numbers listed for two of its restaurants had been disconnected.
Opa! became the second restaurant chain this week to close all of its locations amid a bankruptcy filing. Earlier Thursday, Pennsylvania-based Iron Hill Brewery announced that it was immediately shutting down all 16 units.
It continues a wave of restaurant bankruptcies that is now in its second year. At least five chains have filed for bankruptcy in the past month alone, including Bravo Brio Restaurants, Abuelo’s and Pinstripes.
It comes as food and labor costs continue to rise and customer traffic remains sluggish. According to Technomic data from the second quarter, food costs and labor costs were operators’ two biggest concerns, followed by tariffs.
Source https://www.restaurantbusinessonline.com/financing/opa-greek-chain-files-chapter-7-bankruptcy
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