Garden Fresh Files Bankruptcy, Plans to Close Some RestaurantsTuesday, October 4, 2016
San Diego-based Garden Fresh Restaurant Corp., which operates more than 100 restaurants under the names Souplantation and Sweet Tomatoes, has filed for Chapter 11 bankruptcy protection as it reorganizes its finances.
The company, with headquarters in Rancho Bernardo, announced Oct. 3 that it plans to close between 20 and 30 underperforming restaurants, though the locations were not specified.
Officials said the company has received commitments for debtor-in-possession financing from second-lien lenders to fund post-petition operating expenses. The company does not expect the bankruptcy filing to impact day-to-day operations.
“By improving our capital structure through this restructuring, we’ll be able to accelerate the changes underway to refresh our restaurants and build a strong future,” said CEO John Morberg, in a statement.
The company expects to emerge from the Chapter 11 process by Dec. 5.