Quote:
Originally Posted by NYGUY
Apparently none of you know anything about a Chapter 11 Bankruptcy filing. The company is reorganizing, not going out of business. That would be Chapter 7. Reading is fundamental. No one has said anything about the the local Square 1 closing.
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Whoa! Kinda harsh NY...
Per the news re this topic, Sq 1 had 10 locations and they have shut down two since May. The remaining 8 locations are filed for individual Chapt 11. Including TV's.
In its bankruptcy filing, Square 1 blamed the financial troubles on an over-saturated restaurant market.
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“Unfortunately, between 2014 and 2016, a number of restaurant franchises flooded the market saturating the areas around Square One’s restaurant with a litany of dining options,” court documents said. “When the competition settled in, Square One struggled to breakeven and quickly fell behind with its creditors.”
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We typically go to TV Sq 1 once every 2 weeks or so, and have noticed substantial drop in diners the last 3 months or so, even mentioning that to waitstaff - their answer "Yes it's been slow..." And they have coupon specials, moreso lately it appears (good...but potentially bad).
So the concern is not actually 'closing soon', but unless business, creditor relief, or their balance sheet improves, it could be a matter of time for any of their LLC locations. It's a relatively small operation with little leverage.
Sign of the times unfortunately.