Introduction
2020 has been a difficult year for many businesses, and the restaurant industry has been particularly hard hit. Burger chains have been no exception, with several well-known chains declaring bankruptcy in 2020. Five of the most notable burger chains that have declared bankruptcy this year are Johnny Rockets, Burger King, Krystal, Fatburger, and Sizzler. Each of these chains has a unique history and has been a part of the burger industry for many years. In this article, we will take a look at the history of each of these chains and the reasons why they declared bankruptcy in 2020.
5 Burger Chains That Declared Bankruptcy in 2020
2020 has been a difficult year for many businesses, and the restaurant industry has been hit particularly hard. Burger chains have been among the casualties, with several major chains filing for bankruptcy protection in the face of the pandemic. Here are five burger chains that declared bankruptcy in 2020.
1. Johnny Rockets
Johnny Rockets, the classic American diner-style burger chain, filed for Chapter 11 bankruptcy protection in April 2020. The chain had been struggling for some time, and the pandemic only exacerbated its financial woes. The chain has since closed dozens of locations and is now focusing on franchising.
2. Burger King
Burger King, one of the world’s largest fast-food chains, filed for bankruptcy in August 2020. The chain had been struggling for some time, and the pandemic only made matters worse. Burger King has since closed hundreds of locations and is now focusing on franchising.
3. Fatburger
Fatburger, the popular West Coast burger chain, filed for Chapter 11 bankruptcy protection in August 2020. The chain had been struggling for some time, and the pandemic only made matters worse. Fatburger has since closed dozens of locations and is now focusing on franchising.
4. Smashburger
Smashburger, the fast-casual burger chain, filed for Chapter 11 bankruptcy protection in October 2020. The chain had been struggling for some time, and the pandemic only made matters worse. Smashburger has since closed dozens of locations and is now focusing on franchising.
5. Checkers & Rally’s
Checkers & Rally’s, the drive-thru burger chain, filed for Chapter 11 bankruptcy protection in November 2020. The chain had been struggling for some time, and the pandemic only made matters worse. Checkers & Rally’s has since closed dozens of locations and is now focusing on franchising.
2020 was a tough yr for the restaurant enterprise, to say the least. Many restaurant chains filed for chapter, and much more restaurant chains closed a whole lot of areas final yr. And whereas lots of your favourite burger chains are going sturdy, there have been some main burger chain bankruptcies in 2020.
It is necessary to notice that whereas these corporations have declared chapter, they are not gone for good. Nonetheless, the chapter information would not bode nicely for the restaurant trade.
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In December, vegan spot By Chloe declared chapter 11 chapter. Fortuitously for followers, its areas are nonetheless open.
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Krystal filed for chapter in January 2020, and it was offered to Fortress Funding Group in Could 2020.
Ruby Tuesday is thought for its burgers and salad bar, however the restaurant chain had a tough yr in 2020. Ruby Tuesday filed for Chapter 11 chapter in October, and the chain closed 150 areas throughout the pandemic.
Wendy’s did not declare chapter in 2020, however NPC Worldwide, which operates nearly 400 Wendy’s franchise areas, did file for chapter final yr. Fortuitously, that does not imply the burger chain goes anyplace.
OK, so IHOP is not precisely a burger chain, however we expect they rely, contemplating that non permanent title change to IHOB (Worldwide Home of Burgers) in 2018. IHOP’s franchisee CFRA Holdings filed for chapter in Could, and a few IHOP areas throughout the nation have closed.
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