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Restaurant that was one of the fastest growing in America just ten years ago files for bankruptcy
A popular casual dining chain has filed for bankruptcy after struggling to bounce back from the pandemic.
Taking advantage of millenials' love of craft beer, World of Beer Bar & Kitchen grew rapidly after being founded in Tampa, Florida in 2007.
In 2013, it was listed as No 3 in the fastest growing restaurant chains of the year by respected industry website Restaurant Business.
Two years later it had grown to 75 locations in 20 states and planned to have 100 by the following year. There were plans to go national.
But it filed filed for Chapter 11 bankruptcy last week, saying it owed suppliers as much as $50 million.
Its problems sound much the same as the dozens of restaurant chains struggling this year. Customers didn't return fully after the pandemic, and World of Beer's profits have been hit by rising costs of food, labor, business loans and rent.
The company, known for its selection of around 500 craft and bottled beers, has seen its sales slump 13 percent on previous years.
World of Beer Bar & Kitchen filed for Chapter 11 bankruptcy last week
World of Beer is the latest restaurant chain to struggle
In the last year World of Beer shuttered 14 of its restaurants bringing the number down to 34, but more closures may follow as it navigates the bankruptcy process, Restaurant Business reported.
The company plans to restructure and remains 'bullish on the future,' according to a press release.
'We are confident in our future, backed by a solid plan and a dedicated team committed to delivering exceptional dining experiences,' Paul Avery, World of Beer president and CEO said.
'Our focus remains on serving our loyal customers, supporting our employees and franchises, and positioning our restaurants for continued growth and success in a competitive landscape.'
World of Beer is the latest restaurant chain to struggle with the tough environment of increased running costs and inflation weary customers more discerning about dining out.
Most recently the popular Italian restaurant chain Buca di Beppo closed 13 of its underperforming locations and filed for bankruptcy.
Red Lobster is one of the most high profile chains to run into trouble, filing for bankruptcy in May and shuttering almost 100 restaurants.
Just one month later, Mexican chain Rubio's shut 48 locations in the state and also filed for bankruptcy.
Also in June, BurgerFi - which touts itself as an upmarket McDonald's - sparked concerns of mass closures after revealing it is considering bankruptcy.
Hooters has also shut dozens of its restaurants in recent months, blaming the rising cost of rent and food.