Dive Brief:
- Applebee’s franchisee Neighborhood Restaurant Partners Florida filed for Chapter 11 bankruptcy protections on Tuesday in United States Bankruptcy Court in the Northern District of Georgia, according to records.
- The operator closed nine restaurants in 2025 and five during the first quarter of 2026, leaving it with 53 units across Florida, Georgia and Alabama, according to Katie Goodman, chief restructuring officer for the operator and managing partner of GGG Partners, a financial advisory firm.
- NRPF attempted to find a buyer for its locations last year, but was unable to secure one over several months on the market, despite garnering interest from 17 groups.
Dive Insight:
Franchisor Applebee’s plans to acquire the remaining restaurants, leases and agreements, per the filing. The two companies attempted to negotiate an arrangement to facilitate an out-of-court transaction, but parties had not completed the deal by the Tuesday petition date. Continued financial pressures and cash flow restraints forced NRPF to file for bankruptcy, Goodman wrote.
NRPF was originally formed to acquire 50 Applebee’s restaurants in Tampa and Orlando, Florida, markets in 2012. A sister company, NRPF 2, acquired 15 more restaurants that year in Florida, Georgia and Alabama.
The company expanded between 2013 and 2015 through new development and organic growth. EBITDA grew from $13 million to $20 million in 2015. However, at the end of that year, sales began to soften and the operator saw ups and downs thanks to unsuccessful strategies and promotions, followed by the COVID-19 pandemic and inflation…