Yet another restaurant chain has filed for Chapter 11 Bankruptcy to “maintain operational control of the Company and preserve the integrity of its brand as to protect from an overreaching lender.
Yet another restaurant chain is in trouble, with Orlando-based Hawkers Asian Street Fare filing for Chapter 11 Bankruptcy amid claims of a "Takeover Plot."
Hawkers Asian Street Food, a 15-unit casual-dining chain has announced that it has filed for Chapter 11 bankruptcy protection “in order to maintain operational control of the company and preserve the integrity of its brand as to protect from an overreaching lender.”
Last year the restaurant chain which was founded in 2011, “entered a debt capital agreement with the intention of growing the brand into a household name across the United States.”
The plan appeared to be working as the chain boasted sales growth of 18.5% earlier this summer, but now the company claims that the lender has in the past 60 days revealed an intention to gain control of the company, though Hawkers said it has never missed a payment.
The company say that the filing will allow Hawkers to continue normal, uninterrupted operations and vendor payments while they "re-stabilized in a way that secures a thriving and successful future for Hawkers and its dedicated team.”
In a press release, the company say that, “Hawkers Asian Street Food’s goals remain clear and steady — protect the guest experience at every turn, prioritize the safety and well-being of its team members and stakeholders, and continue growing the brand in a sustainable and upstanding manner,”
Amid the claims of the lenders plotting to takeover the chain, the company say that they are hoping to negotiate a favorable outcome with said lender.
Hawkers are stressing that they will continue growing the brand, and that, "the future of the company remains bright, and the team looks forward to welcoming guests for their Hawkers favorites for decades to come."
Hawkers has restaurants in Florida, Georgia, Maryland, North Carolina, Tennessee, Texas and Virginia.
The chain’s menu focuses on dim sum dishes like Chinese BBQ Pork Baos, Chili Crisp Wontons and Soup Dumplings, as well as egg rolls and pan-Asian offerings like Korean Twice Fried Wings, Coconut Shrimp, Curry Mash and Bibimbap. There’s also an extensive lineup of craft cocktails, sake, Japanese whisky, and craft beer.
For details: Hawkers Asian Street Food
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