This Casual Dining Chain Is Opening New Locations After Bankruptcy
Bankruptcy may sound definitive and irreversible, but many companies actually use the legal move to attain a speedier road to recovery. One such example is Matchbox, a Reston, Va.–based gourmet pizza and burger chain that's getting a second lifeline after declaring bankruptcy this August.
Parent company Matchbox Restaurant Group is emerging from bankruptcy under new ownership, and it's aiming to expand its footprint with smaller locations more attuned to pandemic eating habits. Thompson Hospitality, an investor which had been running the casual dining chain since 2018, agreed to pay $11.6 million for its assets, according to Restaurant Business Online. (Related: 8 Grocery Items That May Soon Be in Short Supply.)
Matchbox said it would "rationalize its store footprint" at the time of its bankruptcy filing, and it closed three locations permanently. According to a brand representative, those restaurants were located in Dallas, Texas; Potomac Mills, Va.; and on 14th Street in Washington, D.C. The company currently operates 10 locations across Florida, Maryland, Virginia, and the nation's capital.
Matchbox is also planning to open three new locations in the coming months, located in Cathedral Commons in Washington; Las Olas in Fort Lauderdale, Fla.; and Reston, Va. The new restaurants will be smaller than many of the brand's current locations—less than 4,000 square feet. In a press release, Matchbox said its new growth plan aimed to "accommodate today's demands and increased popularity of off-premise dining." Franchising is another way in which the company hopes to expand in this new era of growth.
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