Restaurant Chains Making Biggest Comebacks After Bankruptcy

California Pizza Kitchen


The pandemic took a heavy toll on California Pizza Kitchen: dine-in sales there fell sharply by 77 percent in the final week of March 2020, and by the end of the year, the business had lost more than a tenth of its store count.


The chain's business has recovered in the last two years thanks to improved finances and a significant menu overhaul. Annual sales increased back to $490 million in 2021.

Logan's Roadhouse


The parent business of the steakhouse chain, CraftWorks Holdings, filed for bankruptcy in March 2020, laying off almost all of its 18 000 workers.


Logan's Roadhouse has so far prospered under the current management: SPB has successfully increased sales while reducing Logan's presence to only 146 restaurants.

Golden Corral


The pandemic had a particularly negative impact on chain buffet restaurants, and Golden Corral was no exception. Sales fell by more than 60% in 2020, and the adored chain closed 25% of its stores the following year.


However, two years later, the number of Golden Corral locations appears to have peaked—at roughly 360—and the chain is exhibiting signs of recovery.

Friendly's


During the pandemic, sales at the family dining chain fell by 40%, and shop closures accounted for approximately 5% of the total footprint.


Friendly's is beginning to make a comeback. Sales have increased again since Amici Partners Group acquired the company last year, and restaurant closings have finally levelled off at 125 this year.


Smaller firms are more likely to choose not to file for bankruptcy and to consider it as "a last resort" even though corporations are skilled at using bankruptcy as a means of debt protection.

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