Sizzler Files for Bankruptcy Because of COVID-19 Pandemic
Sizzler Stick a Fork in Us!!! Files for Chapter 11
UPDATE
5:32 PM PT -- 9/23 -- Sizzler says they are not closing their doors despite filing for bankruptcy.
UPDATE
The casual restaurant chain says their goal is to keep all locations open for biz while renegotiating leases, which they estimate will take about 4 months.
Sizzler's fallen victim to COVID-19 -- the pandemic is forcing the joint to file for bankruptcy in what could be a bad omen for lots of chain restaurants.
One of the country's first casual restaurant chains has filed for Chapter 11 ... forcing 14 company-owned restaurants to close their doors as they struggle to pay rent during the pandemic. Dozens of other locations -- including more than 90 franchised restaurants in America -- are not part of the bankruptcy plan.
Chris Perkins, Sizzler USA's president, said, "Our current financial state is a direct consequence of the pandemic's economic impact due to long-term indoor dining closures and landlords' refusal to provide necessary rent abatements. The hope, Perkins added, is for the company to exit bankruptcy in about 120 days and re-open the locations.
Sizzler started 62 years ago in Culver City, CA with $50 in the cash register. Del and Helen Johnson opened it as "Sizzler Family Steak House." Back then ... Sizzler's steak ran you a cool 99 cents. The good 'ol days, eh?
Sizzler is one of many large companies that have been forced into bankruptcy during the pandemic. J.C. Penny and Neiman Marcus have previously filed for Chapter 11.
Originally Published -- 9/22 3:31 PM PT
