Punch Bowl Social files for bankruptcy after Covid devastates its business

Punch Bowl Social on Broadway in Denver, November 01, 2016. Andy Cross | Denver Post | Getty Images Punch Bowl Social filed for ...


Punch Bowl Social on Broadway in Denver, November 01, 2016.

Andy Cross | Denver Post | Getty Images

Punch Bowl Social filed for Chapter 11 bankruptcy on Monday after the coronavirus pandemic devastated its business.

As recently as February, the once-buzzy “eatertainment” chain looked to be the future of the restaurant industry, offering arcade games and karaoke along with food and drinks. Cracker Barrel invested $140 million in a stake of the company last year, and Punch Bowl had grown to 20 locations by the time lockdowns went into place in March.

The crisis evaporated its customer base, and Cracker Barrel opted to shore up its own liquidity in March instead of helping Punch Bowl stay afloat.

CEO Robert Thompson, who founded Punch Bowl in 2012, exited the company in the midst of the pandemic. Its primary lender CrowdOut Capital became a partial owner and hired a new chief executive: John Haywood, who has earned a reputation as a turnaround specialist.

Punch Bowl has liabilities of between $10 million to $50 million, according to bankruptcy filings. It owes more than $10 million for a Payment Protection Program loan to JPMorgan Chase, its top creditor. The majority of its other creditors are leaseholders from its locations scattered across the country.

The company is the latest in a flood of restaurants and retailers who have sought bankruptcy protection during the pandemic, including Chuck E. Cheese’s parent company, Ruby Tuesday and J. Crew. Bankruptcy experts have predicted a new flood of filings after the holidays.

Source link

COMMENTS

Name

Africa,743,Americas,3954,Art & Culture,14307,Arts,6348,Arts & Design,1539,Asia,3130,Automobile,426,Baseball,518,Basketball,414,Books,3740,Business,5183,Celebrity,2606,Cricket,621,Crime,134,Cryptocurrency,1405,Dance,600,Defense,812,Diplomatic Relations,2468,Economy,1024,Editorial,260,Education,1129,Elections,302,Energy & Environment,3002,Entertainment,22188,Environment,3482,Europe,4077,Faith & Religion,218,Family & Life,789,Fashion & Style,3102,Finance,19121,Food & Drink,3593,Football,1040,Games,86,Gossip,10260,Health & Fitness,3934,Health Care,885,Hockey,192,Home & Garden,897,Humour,966,Latin America,49,Lifestyle,16356,Media,505,Middle East,1414,Movies,1595,Music,2502,Opinion,2758,Other,11352,Other Sports,4884,Political News,11267,Political Protests,2297,Politics,17374,Real Estate,1703,Relationship,64,Retail,3085,Science,2489,Science & Tech,9545,Soccer,173,Space & Cosmos,289,Sports,11543,Technology,3285,Tennis,517,Theater,1576,Transportation,290,Travel,2455,TV,3545,US Sports,1451,Video News,3531,War & Conflict,1042,Weird News,968,World,15685,
ltr
item
Newsrust: Punch Bowl Social files for bankruptcy after Covid devastates its business
Punch Bowl Social files for bankruptcy after Covid devastates its business
https://image.cnbcfm.com/api/v1/image/106815194-1608661875983-gettyimages-621789486-FE02PUNCHBOWL_AC35254x.jpeg?v=1608661930
Newsrust
https://www.newsrust.com/2020/12/punch-bowl-social-files-for-bankruptcy.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2020/12/punch-bowl-social-files-for-bankruptcy.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content