"The last few years have seen a slew of bankruptcies at popular restaurant chains, but the industry downturn is also spreading to some smaller upscale concepts. Popular chain restaurants that went bankrupt in the past year have included Bucca Di Beppo, TGI Fridays, and Red Lobster, and even chains that haven't gone bankrupt, like Denny's and Applebee's, have been closing stores. There is no one cause for the whole industry; a perfect storm of rising costs and the disruption of the pandemic has made keeping sit-down restaurants open harder than ever, and those trends also came for the vegan chain Planta."
"Founded in Toronto in 2016, Planta is an upscale vegan dining concept that expanded rapidly in the late 2010s and early 2020s. Once boasting restaurants in cities like New York, Miami, Atlanta, Los Angeles, and Chicago, the chain had 18 locations when it declared bankruptcy earlier this year. At the time, it cited a high amount of debt that it took on to survive during the pandemic, which it couldn't pay off as business slowed over the last few years. Luckily, there is some good news: Planta's legal representation has announced that the chain will survive bankruptcy and continue to operate with a reduced footprint."
Planta is an upscale vegan dining concept founded in Toronto in 2016 that expanded rapidly into major cities. The chain grew to 18 locations before declaring bankruptcy earlier this year after accumulating high debt taken on to survive the pandemic and then facing slower business. Legal representation announced that Planta will survive bankruptcy by selling many assets and finding a buyer to operate remaining locations. The restructured chain will operate a reduced footprint of about eight locations concentrated in Toronto, New York, Chicago, Los Angeles, and the Washington, D.C. area. The menu emphasized high-end vegan dishes inspired by diverse cuisines.
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