The Dallas-based fast-casual bakery-café chain, Corner Bakery Café, has declared Chapter 11 bankruptcy with estimated assets and liabilities both between $10 million and $50 million, according to documents filed in the Delaware Bankruptcy Court on Feb. 22.
Corner Bakery Cafe ended 2021 with 172 locations — up six stores from the year prior when Roark Capital Group sold the struggling fast-casual chain to Pandya Restaurant Growth Brands in Oct. 2020, after being a Roark subsidiary since 2011. Pandya is no stranger to trying to turn around struggling brands, as the restaurant investment group owned by Jignesh Pandya of Bucks County, Pa. had also purchased Boston Market in April 2020.
“Our acquisition of Corner Bakery aligns with what we believe families are seeking — high-quality kitchen-crafted food and good, consistent customer service,” Pandya said during the time of acquisition in a statement.
Corner Bakery Café ranked 118th in sales in 2021, according to the top 500 restaurants data from Datassential, down eight spots from 2020.
Corner Bakery has stores in 23 states and Washington, D.C.
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