5 Adored Burger Chains That Declared Bankruptcy in 2020
2020 was a rough year for the restaurant business, to say the least. Many restaurant chains filed for bankruptcy, and even more restaurant chains closed hundreds of locations last year. And while many of your favorite burger chains are going strong, there were some major burger chain bankruptcies in 2020.
It's important to note that while these companies have declared bankruptcy, they aren't gone for good. Still, the bankruptcy news doesn't bode well for the restaurant industry.
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In December, vegan spot By Chloe declared chapter 11 bankruptcy. Fortunately for fans, its locations are still open.
Krystal filed for bankruptcy in January 2020, and it was sold to Fortress Investment Group in May 2020.
Ruby Tuesday is known for its burgers and salad bar, but the restaurant chain had a rough year in 2020. Ruby Tuesday filed for Chapter 11 bankruptcy in October, and the chain closed 150 locations during the pandemic.
Wendy's didn't declare bankruptcy in 2020, but NPC International, which operates almost 400 Wendy's franchise locations, did file for bankruptcy last year. Fortunately, that doesn't mean the burger chain is going anywhere.
OK, so IHOP isn't exactly a burger chain, but we think they count, considering that temporary name change to IHOB (International House of Burgers) in 2018. IHOP's franchisee CFRA Holdings filed for bankruptcy in May, and some IHOP locations across the country have closed.
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