World of Beer Bar & Kitchen has emerged from Chapter 11, less than five months after it filed to restructure.
In its bankruptcy filing, the Tampa, Fla.-based company reported assets of $10 million to $50 million, liabilities of $10 million to $50 million, and 49 or fewer creditors. It cited rising interest rates and rent costs, as well as higher operating costs and a slow recovery from the pandemic as reasons for the filing.
The company this week said it has restructured its legacy debt since that filing in August and is now “bullish on its future,” while seeking inquiries about future franchise development. WOB Bar & Kitchen expects to open four to five franchise locations annually over the next five years.
“Our emergence from Chapter 11 places WOB on a solid path for long-term success – while maintaining the quality of the WOB Bar & Kitchen experience,” president and chief executive officer Paul Avery said in a statement. “We remain deeply committed to serving our loyal customers, supporting our employees and franchises, and driving innovation and growth in a competitive market. With an exceptionally strong leadership team, I believe this is just the beginning of a prosperous new chapter for our brand.”
The company will open its newest restaurant on Dec. 21 in Fort Worth, Texas, with another scheduled to open in Annapolis, Md., in early 2025.
According to Technomic Ignite data, World of Beer finished 2023 with $53.6 million in sales, a 13% decline year-over-year, while the company experienced a 12.5%-unit count decline over the same period, ending the year with 42 locations. There are currently more than 30 WOB restaurants nationwide.
World of Beer made its debut in 2007 and was featured in Nation’s Restaurant News in 2013 as a “growth chain.” By 2015, it had grown to 75 locations in 20 states while also targeting international deals in China, India, and The Philippines. In 2016, the company announced plans to have more than 100 locations open. The concept is known for its vast selection of beer – about 500 beers by the can or bottle and 50 on tap at each location – as well as its “tavern fare” menu. Every location has a local beer expert in charge of managing that location's assortment.
Contact Alicia Kelso at [email protected]
