It’s always a heartbreaker when a favorite fast-food chain files for bankruptcy, but it’s becoming all too common. The good news is that often times, when a restaurant files for bankruptcy, if it’s Chapter 11, it has a second chance to thrive.
According to Investopedia, Chapter 11 is a form of bankruptcy that “reorganizes a struggling company’s debts to allow it to stay open and become solvent. A court-appointed trustee oversees the reorganization.” They add that with Chapter 11, “a company is restructured and supervised by a court-appointed trustee to reorganize its finances and operations.” Also, individuals are allowed to file Chapter 11 bankruptcy, but it’s usually filed by businesses.
Now, a beloved fast-food chain that filed for bankruptcy twice appears to be making a comeback. The chain’s owner actually tried filing for Chapter 11 bankruptcy protection twice and got turned down both times. “It appears unlikely Boston Market will have the finances to stay afloat or grow,” RetailDive stated last year…