According to reports, the well-known restaurant chain Sizzler has filed for bankruptcy due to the coronavirus pandemic. “The filing is a direct result of the financial impact the COVID-19 pandemic has had on the casual dining sector, particularly long-term indoor dining closures and landlords’ refusal to provide necessary rent abatement,” Sizzler said in a statement issued on Tuesday.
The restaurant chain cited the difficulties of bouncing back after the initial hit from the pandemic. Sizzler reportedly lost 40% of its entire revenue when its signature "Salad Bar" could not operate. “These unprecedented times and resulting economic damage to the American restaurant and hospitality industry have not spared" Sizzler, despite its best efforts to maximize their profits.
The company plans to keep a number of restaurants open during the bankruptcy process.
Source: foxbusiness.com
