COVID-19 IMPACTS RESTAURANT INDUSTRY: LIQUIDATION OF GARDEN FRESH
The Nation’s Largest Restaurant Bankruptcy
National: Garden Fresh one of the nation’s largest restaurant chains operating as Souplantation and Fresh Tomato is liquidating all assets under a Chapter 7 Bankruptcy. The chain, which employed thousands, was a popular place to dine with self-service food bars, was not able to survive the impact of the COVID-19 pandemic and permanently closed all 97 restaurants and 3 distribution centers nationwide in early May. It is to-date the largest restaurant bankruptcy and liquidation as a result of the pandemic.
To ensure that the remnants of this once popular and vibrant chain can be repurposed for use in other venues the equipment and other contents are being auctioned online from June 10th, 2020 through June 30th, 2020 in locations all over the country at www.RestaurantEquipment.Bid.
The Garden Fresh bankruptcy and resulting liquidation is an important story about the challenges facing the restaurant industry as a result of the pandemic. According to the National Restaurant Association the industry lost over $225 Billion in revenue putting over 8 million people out of work and resulting in the temporary or permanent closing of over 150,000 locations.
Neal Sherman, President of RestaurantEquipment.Bid, an expert in restaurant closures, relocations and equipment management says, “The Garden Fresh bankruptcy is the harbinger of the challenges to come for the restaurant industry in the wake of COVID-19. In conducting these online auctions our aim is to ensure that these quality items don’t end up in a landfill – but instead allows for a sustainable repurposing that not only makes economic sense but will provide a positive outcome for surviving restaurant operators who can benefit from this liquidation.”
Leslie Gladstone, Trustee of the Bankruptcy who also serves as an officer on the National Association of Bankruptcy Trustees, says of the liquidation, “It is our first and foremost mission with this liquidation to get some return for the creditors of this chain. We also intend through this liquidation to provide a sustainable re-use of the equipment that will make a difference for other restaurants who have been incredibly challenged as a result of the pandemic.”
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Information: RestaurantEquipment.Bid is a marketplace for used and overstocked restaurant equipment. The company, part of TAGeXBrands, began nearly three decades ago to relieve equipment headaches in the food service industry.
Auction Website: www.RestaurantEquipment.Bid
Firm Website: www.TAGeXBrands.com
Garden Fresh was founded in 1978 in San Diego, CA. The company expanded across the South West and South East with over 23 locations in Florida. At the time of the bankruptcy there were over 4,400 employees and 97 locations.