Court documents reveal that Earls Earl Enterprises (EE) approached FoodFirst around the time of the filing with an offer to manage the brands. Related: Bravo Brios new parent launches FoodFirst Global Restaurants Inc. I would like to personally thank Brad for his outstanding leadership and contribution in setting up the foundation for FoodFirsts success, Antonio Bonchristiano, CEO of GP Investments, FoodFirsts main investor, said in a statement. CEO and principal, Wendy's wants to open more restaurants, just not in ghost kitchens. Number 8860726. FoodFirst Global Restaurants, the parent company of Brio Tuscan Grille and Bravo Cucina Italiana, has named Steve Layt as the companys new chief executive officer. The parent company of Brio Tuscan Grille and Bravo Cucina Italiana has temporarily closed 71 of its 92 restaurants due to the novel coronavirus pandemic. Two other interested parties dropped out of the pursuit of an acquisition at that time, according to the court filings. Good Food and Good Times -- But Are They Good Stocks? GP Investments © 2018 | All rights reserved. Case DetailsPartiesDocumentsDockets Case Details Case Number: 6:20-BK-02159 BRAVO first opened in 1992 while BRIO was founded five years later. Blum said he intended to use the two Italian chains as the foundation for a new sort of company that aimed for healthful dining and sustainable operations as means to financial success, and, The deal is the latest example of operators finding opportunity where others see severely distressed concepts. If restaurants are forced to keep dine-in operations shuttered for a long period time, Layt said some might never reopen. FoodFirst filed for Chapter 11 protection on April 10. We use cookies to provide you with a better experience. Web page addresses and e-mail addresses turn into links automatically. Get todays need-to-know restaurant industry intelligence. GP provided the funding. Brio Italian Grille has locations in 12 states, including Arizona, California, Delaware, Florida, Kentucky, Michigan . FoodFirst purchased the Bravo and Brio Italian chains in 2018 for hundred dollars million. FoodFirst Global Restaurants board of directors will include Mr. Blum as chairman and c.e.o., Mr. Bonchristiano as vice-chairman, Bob Mock (former Darden executive) as chief operations officer, and Diane Reed (chief financial officer for Bravio and Brio since October) as c.f.o. FoodFirst filed for Chapter 11 bankruptcy protection in early April after. They are our most profitable restaurants, and the ones that had the best chance to break even during the crisis, Layt told Nations Restaurant News during an exclusive phone interview. Cucina Italiana and Brio Tuscan Grille restaurant chains in the United States. BRIO and BRAVO! The company said Blum, after the brands went private earlier that year. Italian Kitchen from FoodFirst Global Restaurants, also based in Orlando.The purchase price is reported to be about $30 million. 420 S Orange Ave Ste 900 Senior data editor Alan Liddle contributed to this report, /sites/all/themes/penton_subtheme_nrn/images/logos/footer.png. The documents indicate that 29 Brio and Bravos are currently in operation, with another 53 closed restaurants still under lease. Roughly 21 Bravo and Brio casual dining brands remain open, serving carryout deals for customers during the coronavirus crisis. The . 121 South Orange Avenue When the crisis hit, the newly appointed CEO was putting the final touches on a turnaround plan for the company that involved renegotiating leases with landlords where rents were too high; re-evaluating the menus at both brands; optimizing the supply chain; and simplifying kitchen operations. 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In January, 10 stores were closed and the viability of a substantial number of additional stores was being viewed, according to bankruptcy court documents. Salaries for the Operational Excellence Coach will be influenced by many factors. Blum invested in the . (407) 337-2060 What Direction is Restaurant Staffing Headed? Do not sell my personal infoPrivacy PolicyContact UsRSS, Brio and Bravo parent files for Chapter 11 bankruptcy after closing 71 units, Management of the company, FoodFirst Global Restaurants, said the chains had been struggling with sales and profit declines before the COVID-19 pandemic. 50% off + free delivery on any order with DoorDash promo code, Wayfair promo code: 10% off any single purchase, 60% off running shoes and apparel at Nike without a promo code, Extra $5 off your order with GameStop promo code, Why Lori Lightfoot Is the First Chicago Mayor to Lose in 40 Years, More Younger People Are Getting Colorectal Cancers, and Doctors Dont Know Why, The Airline Experiment to Make Boarding Less Awful, Long-Robust U.S. Labor Market Shows Signs of Cooling, How FTXs Nishad Singh Turned to Crypto Crime, Opinion: Ron DeSantis: Why I Stood Up to Disney, Opinion: Major Questions in the Student-Loan Forgiveness Case, Opinion: The Chips Act Becomes Industrial Social Policy, Opinion: It Doesnt Make Sense to Blame Crime on Poverty, Chicago Mayor Lori Lightfoot Loses Re-Election Bid, An Inside Look at Ukrainian Troops Training to Use Western Tanks. The chain's previous parent company, FoodFirst Global Restaurants Inc., filed for Chapter 11 bankruptcy protection in April 2020 after struggling for months due to labor costs, employee turnover . The restaurant created a data room for all interested parties with the understanding that whichever party was chosen as the manager and lender under the DIP loan would likely purchase the assets. Find Assistant Managers and bring them on board. In 2018 the Company was sold to Spice Private Equity Ltd. and . I would expect those that werent using carryout [before] will be more loyal around that business.. The 21 casual dining restaurants in 10 states are serving a limited menu of meals and discounted wine available for carryout. subscribe now, or What Direction is Restaurant Staffing Headed? Steve Layt is the company's chief executive officer. FoodFirst Global Restaurants is the parent company of Brio Italian Mediterranean and Bravo Cucina Italiana. Privacy Policy | Terms and Conditions | Powered by MZ. The company's filing status is listed as Active and its File Number is F14413290. FoodFirst was formed in May 2018 by Blum, a onetime president of Olive Garden, as a holding company of health-oriented restaurant concepts. 407-648-6301, Jill E Kelso Lines and paragraphs break automatically. The company raised $140 million in a public offering in 2010 to cover debt and drive growth. restaurants have a Roman ruin style dcor and an open, Italian style kitchen focusing primarily on pastas and pizzas.[3]. 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LinkedIn Email Finder Find emails from LinkedIn. As a people's think and do tank," we are . Tax ID / EIN: xx-xxx6328, R Scott Shuker But the court papers state that the assets of Brio and Bravo covered in the deal are unlikely to fetch more cash. The company first received a purchase offer from an affiliate of Earl Enterprises, which owns dining chains including Planet Hollywood and Buca di Beppo, said R. Scott Shuker of Shuker & Dorris PA, FoodFirsts bankruptcy lawyer, during a hearing of the U.S. Bankruptcy Court in Orlando conducted by telephone conference. In October 2010, BBRG went public and their IPO raised net proceeds of $62.4 million. The mandated dining room closure orders wiped out 60% of our restaurants within days and since then we have experienced nothing short of devastating sales declines., FoodFirst will continue to closely monitor the restaurants performance during the pandemic and the assorted state shelter-in-place orders to determine which locations remain viable, the company said in the Chapter 11 filing. 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foodfirst global restaurants