Souplantation, Sweet Tomatoes Owner Files For Bankruptcy
By Cooking Panda
It’s a sad day for all you Souplantation fans out there because, after 38 years, the San Diego parent company has officially filed for Chapter 11 bankruptcy protection.
According to the OC Register, up to 30 underperforming restaurants are slated to close as the all-you-can eat buffet chain attempts to reorganize its business model.
There are 28 Souplantations operated by the Garden Fresh Restaurant Corp. in the greater Los Angeles area, Orange County and the Inland Empire; outside of the region, the chain has 124 company-owned restaurants in 15 states.
Here’s the worst part: If you were planning on enjoying one last meal at your favorite Souplantation restaurant (or, if you’re outside the region, Sweet Tomatoes) you better do it quick. The company said that not only are the closures inevitable, but they’re happening this week.
“We can tell you that our Souplantation restaurants in Orange County and throughout Southern California have historically been significant contributors to the company’s financial performance in its 38-year run,” the company said.
“By improving our capital structure through this restructuring, we’ll be able to accelerate the changes underway to refresh our restaurants and build a strong future,” Chief Executive John Morberg added in a statement.
For now, Garden Fresh tells the OC Register that it is scheduled to emerge from bankruptcy by Dec. 5, so there is hope for the chain yet.bankruptcy, restaurant closing, souplantation, sweet tomatoes